Digital ruble would solve SWIFT’s disconnection

Moscow, Jun 23 (Prensa Latina) Olga Skorobogatova, First Deputy Chairman of the Central Bank of Russia, on Thursday said that the possible launch of the digital ruble would solve the disconnection of national banks from the international SWIFT system, one of the foreign anti-Russian sanctions.

June 23, 2022
10:56

“Within three years, the national digital currency will appear in all self-respecting states. And we will also have to build cross-border cooperation in this area. So, we have to be ready as soon as possible,” Skorobogatova told TASS news agency.

In her opinion, the digital ruble will solve, among other things, the problem of the SWIFT disconnection, because with such integration, that international payment transfer system will no longer be needed.

She announced that by late 2023, the Russian financial regulator plans to develop an agenda for the launch of the digital ruble as of experiences, learnings and mistakes made.

In mid-October 2020, the Central Bank of Russia presented in its report the concept of the digital ruble, which would take the form of a unique digital code that would be stored in a special electronic purse and transferred from one to another user to make business transactions.

pgh/iff/jf/mml