The development of digital currencies may challenge the SWIFT international banking payment system and could eventually make it redundant, the Central Bank of Russia (CBR) has said.
More than 30 financial regulators are currently working on their national digital currencies, according to First Deputy Governor of the CBR, Olga Skorobogatova. Given the pace of the development, several countries may launch the new form of currencies over the next 5-7 years, the official added.
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