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The development of digital currencies may challenge the SWIFT international banking payment system and could eventually make it redundant, the Central Bank of Russia has said. More than 30 financial regulators are currently working on their national digital currencies, according to First Deputy Governor of the CBR, Olga Skorobogatova. Given the pace of the development, several countries may launch the new form of currencies over the next 5–7 years, the official added. In response to those threats, Russia began working on an alternative — a domestically developed financial messaging network called SPFS.
Russia’s financial watchdog is currently developing the digital ruble. At least 36 central banks have published studies on the Central Bank Digital Currency as of July this year, according to the Bank for International Settlements . Russia’s key trade partner, China, has been expanding tests of its digital yuan in recent months as it held limited tests of the currency in several cities and on one of its largest online platforms, JD. Sweden was among the countries that launched its pilot CBDC earlier this year, while the EU began prepping the digital euro.
Digital currencies may be an interesting tool for international transactions, which are more expensive than domestic ones, another CBR official, Deputy Chairman Aleksey Zabotkin, said.
Source: RT
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