Central Bank of the Russian Federation: CBDC can replace SWIFT

International transfers in the future will be carried out using CBDC, not SWIFT, according to the Central Bank of the Russian Federation

The Central Bank of the Russian Federation believes that digital currencies will become a serious alternative to SWIFT and other international payments. This was announced by the chairman of the Central Bank of the Russian Federation Olga Skorobogatova.

As a reminder, the current SWIFT system is a generally accepted standard for international transfers. It is used by 11 thousand banks and other financial institutions from two hundred countries of the world. However, there are two drawbacks - high fees and low transaction speed. They can be solved with CBDC.

In Russia, the national digital currency is planned to be launched in 2021. Now pilot projects on CBDC have been launched by China, Sweden, Bahamas. About 36 more central banks are exploring the possibility of launching.

For the full deployment of this system, according to Deputy Chairman of the Board of the Central Bank Alexei Zabotkin, you need to make sure that money transfers in cryptocurrency are safe.