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Global payments to switch from SWIFT to digital currencies in 5 years — Bank of Russia

Accoridng to First Deputy Governor of the Bank of Russia Olga Skorobogatova, 14 banks from three countries are currently collaborating with Russia under the Faster Payments System

ST. PETERSBURG, June 16. /TASS/. The international payment infrastructure will switch from SWIFT to regional digital currencies within 5 years, First Deputy Governor of the Bank of Russia Olga Skorobogatova said at the St. Petersburg International Economic Forum (SPIEF).

"I believe that within five years we will see how the international payment infrastructure will switch from SWIFT to the integration of national digital currencies," she said.

She added that 14 banks from three countries are currently collaborating with Russia under the Faster Payments System. "For example, 14 banks from three countries have already begun working with us within the Faster Payment System," she said.

The 26th St. Petersburg International Economic Forum (SPIEF) — Russia’s showcase annual economic and business event — is being held on June 14-17. The theme of this year’s forum is: "Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations." TASS is the official information partner of the event.

SPIEF’s expanded business program offers attendees the opportunity to participate in more than 140 sessions featuring over 1,000 moderators and speakers, according to event organizer Roscongress Foundation.

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