Reuters
The Central Bank of Russia believes that the digital currencies, which have recently been used, could constitute a strong competitor to the global electronic payment system “SWIFT”.
The First Vice President of the Central Bank of Russia, Olga Skorobogatova, said that the launch of financial settlements between central banks in the world would contribute to dispensing with “SWIFT”.
The official suggested that the cost of international financial settlements through digital currencies would be lower if compared to fees for interbank transfers.
And “SWIFT” (SWIFT) is a system called the group of international banking transactions between banks (the system of financial transfers and transactions between banks) it is a global banking communications network and most of the banks in the world participate in it.
It is a non-profit cooperative organization owned by its members and provides services at a high level of efficiency and at an appropriate cost. It was established in 1973 as a result of the growth in the volume of international trade and started its work in 1977. Its headquarters are in Belgium and the number of participating countries is more than 209, including most Arab countries. 9,000 establishments.
This system aims to provide the latest safe means in the field of linking and exchanging messages and information between all financial markets through the banks responsible for implementing this in various countries.
Source: Agencies
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