Russia Says SWIFT is ‘Dying’ as Crypto Revolutionizes Global Finance
Russia is questioning the relevance of SWIFT, claiming that the system is outdated. As digital technologies and cryptocurrencies shape the future of global finance.
Anatoly Aksakov, head of the State Duma Committee on Financial Markets, noted that while Russia can reconnect to SWIFT if needed. Alternative systems are being developed. Since its disconnection from SWIFT in 2022 due to sanctions.
Russia has strengthened its domestic Financial Messaging System (SPFS) and is working with BRICS nations on reducing dependence on Western financial networks. These countries are increasingly using national currencies for trade and exploring a joint payment system.
Clever Robot News Desk 19th February 2025
