Digital Currencies May Make SWIFT Redundant, Says Russian Central Bank: Report
Russia would likely welcome replacements for SWIFT as the nation's banks have been threatened with being removed from the network.
“Our intention is to include greater reserves transparency” as the stablecoin operator goes public via a SPAC deal, Jeremy Allaire told CoinDesk TV Friday.
The banks include Citi, Bank of China, BNP Paribas and Deutsche Bank.
The service might be seen as a possible threat to the real-time payments network offered by Ripple.
Russia's foreign affairs ministry believes SWIFT can be replaced by more advanced systems, mentioning blockchain.
It's unclear what the new group's mission will be, though People's Bank of China employees working on its digital currency efforts will be involved.