Russian cbank: Digital currencies integration to reduce SWIFT role

MOSCOW, Dec 23 (PRIME) -- The launch of digital currencies by the global central banks and their integration into a unified system may make the SWIFT system redundant, the Russian Central Bank First Deputy Chairwoman Olga Skorobogatova said on Wednesday during a discussion.

“Over 30 regulators are now working on the national digital currencies, and I think the speed at which the regulators dove into the topic shows that several countries will certainly present their national digital currencies in five to seven years,” Skorobogatova said.

“And then the matters of direct integration could be tackled, and in this case, there will be no need in SWIFT, because they will be other technological interactions.”

SWIFT is an international inter-banking system of information transfer and payments. It unites more than 11,000 top institutions across the globe. Media repeatedly report on the threats of discontenting Russia from the system under the Western sanctions.

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