CELLS – Russia is developing a blockchain network competing with SWIFT

If there is one obvious fact that the conflict in Ukraine has allowed us to highlight, it is the monetary war that drives our modern world. Just like the international means of payment, from which it is possible to exclude some countries under the cover of sanctions. With the SWIFT network at the center of this dynamic, at the origin of a pure and simple exclusion of Russia. And since then, Bitcoin and cryptocurrencies have been presented alternately as decentralized alternatives or tools in the pay of the Kremlin. But all this could change quickly with the implementation of the CELLS platform, based on blockchain technology.

The current geopolitical crisis has brought Bitcoin to the fore as a possible alternative to international sanctions. Because Russia tries by all means to sell its raw materials, despite the monetary blocks issued against it. A balance of power that places cryptocurrencies as a disruptive and unexpected element on this global chessboard. With the main added value, the creation of networks that are impossible – or in any case more complicated – to be censored unilaterally.

A feature offered by blockchain technology. And, of course, a system that can compete with current payment networks such as the famous SWIFT. The latter already considered destined to disappear within a few years, according to the CEO of MasterCard. The question is to know in favor of what kind of alternative. And obviously Russia seems to have found a concrete option, with the development of the CELLS platform.

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CELLS – A blockchain payment network

Times of crisis are often conducive to innovations built in an emergency to meet a specific need. The question is whether the service provided will still be useful once things get back to normal. And that is exactly what appears to be happening in Russia. This with the creation of an internationally oriented payment network, developed by the Russian national and technological conglomerate Rostec. A system presented in no uncertain terms as intended to allow you to circumvent the bans issued on SWIFT. But also intended to facilitate payments in rubles internationally, while offering an option for digital currencies.

CELLS will make it possible to settle in national currencies, eliminate the risks associated with sanctions and ensure the independence of national financial policy for its users. (…) A digital payment system based on a blockchain platform can be used as a full-fledged replacement for SWIFT, providing high-speed, secure and irrevocable transactions. “

Oleg Yevtushenko, Executive Director of Rostec

Its code name is CELLS. It is a payment platform based on blockchain technology. The latter presented by Rostec as “a real alternative to SWIFT in international regulations. “ A service developed by the Novosibirsk Institute of Program Systems (NIPS) which is expected to support multi-currency payments, digital currencies and identity management for its users. With processing capacity estimated at 100,000 transactions per second (GST).

CELLS – A Russian national blockchain?

But the CELLS platform looks set for much more. Because its designers explain that this national blockchain could also be used for data storage, building web applications, or even creating digital passports. So many developments that leave us perplexed on the spot that all this could leave to a possible effective decentralization. And which is very similar – broadly speaking – to the Chinese version of the Blockchain-based Services Network (BSN) which is expected to revolutionize the world when it launches… in 2020.

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Either way, the goal seems obvious. This CELLS network wishes to (re) open the doors of international payments to Russia, currently cut off from the rest of the world. And this with the help of currencies like the ruble, or even the digital yuan that is currently rocking the United States. But also cryptocurrencies, considered a few months ago as the enemies of the Russian economy by the Kremlin. And all this with a blockchain technology designed as a means to circumvent the sanctions issued against Russia. But certainly developed to allow for unilateral control of his government. A case to follow …

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