» Russia to replace SWIFT with Masterchain

Cryptocurrency and ICO news 18.06.2018

The Russian Association of Corporate Treasurers is joining the government-led Masterchain blockchain initiative, a platform developed by the central bank to facilitate communication within Russia’s banking market. Russia is reportedly looking to use the platform to replace SWIFT’s inter-bank communications network.

Russia’s FinTech Association and 14 of the nation’s largest banks collaborated on the development of Masterchain. The initiative eventually hopes to join banks and government agencies that collaborate on contract registration and regulation.

Using Masterchain will reduce operating costs by up to five times, the white paper claims, and will accelerate contract processing.

European Union sanctions against Russia sparked concerns that SWIFT may remove Russia from its system. Reports said that has forced the country to experiment with alternatives to facilitate payments and inter-bank messaging and communication.

https://icocrunch.io/news/russia-to-replace-swift-with-masterchain/