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A Russian university is ready to test its blockchain-based analogue to the global payment messaging network SWIFT, from which Russian banks were cut off as part of Western sanctions. The developers say their system would not allow the disconnecting of countries and banks. Russian Developers Create SWIFT Substitute Using Blockchain Experts from
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Rostec, the Russian manufacturing and technology conglomerate, has developed a system allowing the processing of international settlements and storage of digital currency. The blockchain-based platform has been announced as an alternative to SWIFT, which is unavailable for some Russian banks. Rostec Employs Distributed Ledger Technology to Substitute SWIFT Russian state-owned corporation Rostec
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Mastercard CEO Michael Miebach said on Tuesday that he does not expect SWIFT, one of the most widely used platforms for cross-border fiat transactions, to exist in five years' time. Miebach was speaking at a panel session on central bank digital currencies (CBDCs), as part of the Global Blockchain Business Council
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Also part of Tuesday’s panel was Jennifer Lassiter, executive director of the Digital Dollar Project, Yuval Rooz, the CEO of Digital Asset, David Treat, a director at Accenture and co-founder of the Digital Dollar Project, and Jon Frost, senior economist at the Bank of International Settlements, who all answered that
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SWIFT, the interbank payments protocol and messaging system, has announced it is working to connect the different central bank digital currency (CBDC) protocols in development today. The company has partnered with Capgemini, a digital services provider, making a series of experiments to ensure that the new set of CBDCs have
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The G7 finance ministers and central bank governors have called for a swift and comprehensive regulation of crypto assets. The G7 decision followed the recent crypto market turmoil, including the collapse of cryptocurrencies LUNA and UST. G7 Countries Calling for Swift, Comprehensive Regulation of Crypto Assets The finance ministers and central bank
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Bitcoin has found temporal support at $39,000, but buyers have been scarce as the market enters into weekend price action. Uncertainty around macro factors seems to be growing with the Russia-Ukraine conflict contributing with the selling pressure experience by BTC and larger cryptocurrencies over the past days. Related Reading | Market
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On Wednesday, the European Union announced that within 10 days, it intends to remove seven Russian banks from the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, messaging system.The list of sanctioned banks includes Russia’s second-largest bank, VTB Bank, alongside Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank and VEB. Without access to
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The European Commission is also studying whether crypto is being used to circumnavigate Russian sanctions. Source
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At the time of publication, bitcoin was trading at about $44,200, up about 3% over the past 24 hours. Ether, the second largest cryptocurrency by market cap, was changing hands at a little below $3,000, a more than 2% increase. Almost all other altcoins in the CryptoX top 20 by
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