Digital Currencies May Make SWIFT Redundant, Says Russian Central Bank: Report

According to an official with Russia's Central Bank, Russia Today, digital currencies could challenge SWIFT's global payments system and one day make it obsolete.
Given the pace of central bank currency development, multiple countries could launch one in the next five to seven years, First Deputy Governor Olga Skorobogatova said RT.
“Then we can deal with questions of direct integration. In this case, SWIFT may not be required as it is a different type of technological interaction, ”Skorobogatova said at a meeting last week, RT reported.
SWIFT is a messaging network that banks and other financial institutions use to securely code and transmit information and instructions. It enables cross-border payments along with other services between more than 10,000 financial institutions in countries around the world.
Skorobogatova also said that SWIFT could be one of the platforms leveraging the new central bank currencies.
Russia would likely welcome a replacement for SWIFT, as the country's banks are at risk of being removed from the network as part of more extensive sanctions against the country, and the CBR is working on its own messaging system.
Read more: Bank of Russia Presidency: Digital ruble is not a threat to banks
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Digital currencies could make SWIFT superfluous, says the Russian central bank: report
Digital currencies could make SWIFT superfluous, says the Russian central bank: report
Digital currencies could make SWIFT superfluous, says the Russian central bank: report
Digital currencies could make SWIFT superfluous, says the Russian central bank: report
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