Russia is redoubling its efforts to make the digital ruble an alternative to SWIFT
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Answer Russia is redoubling its efforts to make the digital ruble an alternative to SWIFT
The Russian Central Bank has revealed that it plans to replace the digital ruble with the SWIFT financial messaging system.
According to Olga Skorobogatova, First Vice President of the Central Bank of Russia, who stated:
When the platform is completely ready, Russia will not need SWIFT.
Skorobogatova shared this on an interview With the state-owned news agency TASS where she spoke extensively about issues in the Russian financial system.
She added:
We realized that we need to move very quickly in terms of digital technology and innovation development… In addition, this also solves the problem of separation from SWIFT, because with this integration, there will be no need for SWIFT.
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The Deputy Governor also reiterated that the Russian Central Bank is working to accelerate the pilot project of the Central Commercial Bank to meet a trial launch in April 2023 for transactions of real value.
At the time of writing, there are 12 banks as part of the pilot and they are in various stages of implementation, with three more banks looking to join the effort.
She added that the digital ruble will be embodied and fully operational after about three years.
Russia’s plan for international cooperation on CBDCs:
With the quest to develop the digital ruble and replace the SWIFT system in Russia, the Russian Central Bank expects that countries that are still open to dealing with it will also help it to develop their own digital central bank currencies.
Notably, Russia’s allies, including China and India, are also moving forward to develop their own CBDC.
The Russian Central Bank has already talked about integrating the digital ruble system with the support of the digital yuan, which is already an advanced level of development.
Skorobogatova says Russia will be patient with other countries to catch up, and over time, it will become clearer with whom it can cooperate.
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CBDC is not the only option Russia is considering using to facilitate cross-border settlements.
In a recent statement, the governor of the Russian Central Bank indicated that digital currencies could be used for international settlements.
Since declaring war on Ukraine, Russia has been the target of numerous international sanctions, including restricting the use of the SWIFT system.
This made Russia look for alternatives to face the international embargo.
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