Based on this need, the group of Russian companies Rostec, a government organization that includes several technology companies, has announced the development of a Blockchain platform to launch a digital international payment system that can be exchanged the global Swift system. This is stated in a report published on the website of BN Crypto.
The digital system of international payments will allow Russia to pay for its imports in the national currency-rubles, and not in dollars, according to Rostec. The new system will also allow foreign countries to pay for their imports from Russia in their national currencies.
Rostec said in a statement that the Blockchain platform, on which the international payment system called CELLS was developed, was developed by the Novosibirsk Institute of Program Systems (NIPS), which, in turn, is a subsidiary of the Rostec Group.
According to the statement, in addition to delivering international payments, the CELLS platform gives its users the ability to create wallets for storing digital currencies.
Rostec Group CEO Oleg Yevtushenko assured that the new international payment system will provide “high-speed and secure transactions”, saying that the new digital system will be able to process approximately 100,000 transactions in every second there is a possibility of doubling this number.
Yevtushenko also explained that the ability to pay in local national currencies, provided by the new system, will allow users to bypass Western sanctions imposed on Russia.
The Rostec Group targets large companies doing business in Russia, as well as foreign government agencies doing business in Moscow, as well as financial institutions and banks.
The announcement of the new system comes just days after the Russian government announced that it was considering using cryptocurrencies in international payments, after the Central Bank of Russia proposed in January to ban the introduction and use of all of cryptocurrencies.
Source: Al Akhbar
