Russia relies on blockchain to counter SWIFT

10:00 a.m. ▪
min reading ▪ by
Evans S.

The digital age is constantly transforming our habits. Among traditional structures, the SWIFT system stands out. Long seen as the basis of international transactions, it is now being called into question. For what ? Blockchain technology is making great strides. Countries, like Russia, are planning to revolutionize their financial exchanges. And crypto is at the heart of this revolution.

Blockchain: The answer to financial challenges

Faced with global sanctions and restrictions, Russia has been reinventing itself since 2022. Its objective? Consolidate your financial power. For its part, Saudi Arabia is abandoning the dollar for crypto. These choices underline a growing desire to free ourselves from traditional financial systems.

At the Moscow Financial Forum, an announcement sounds. Prime Minister Mikhail Mishustin unveils a bold project: an international settlement system based on blockchain. This innovative system would use digital financial assets, i.e. digitalized versions of traditional financial tools.

The Bank of Russia and the government have already laid the legal foundations for this project. Their promise? A smooth transition to international payments on blockchain. Of course, much remains to be done, but Russia clearly shows its ambition: to integrate crypto into its financial system.

Russia and China: Towards a crypto alliance?

After a notable visit to China, Mishustin emphasizes strengthening trade relations between the two countries. China, too, is interested in crypto and blockchain. A Russo-Chinese collaboration in this sector therefore seems plausible.

Vladimir Chistyukhin, deputy chairman of the Russian central bank, plans to use the digital ruble to circumvent sanctions. Although preliminary, this idea shows Russian determination to exploit crypto to strengthen its position.

Crypto, more than a digital currency, has the potential to revolutionize established systems. If Russia succeeds, it could inspire other countries. But at what pace will the world embrace these innovations? And what impact will they have? Russia has a vision, but other countries are still undecided, vacillating between dollars and Bitcoin.

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Evans S. avatar

Evans S.

Fascinated by bitcoin since 2017, Evariste has continued to research the subject. If his first interest was in trading, he is now actively trying to understand all the advances centered on cryptocurrencies. As an editor, he aspires to continually deliver high-quality work that reflects the state of the industry as a whole.


The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.

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