Russia and India Push Digital Currency Trade Settlement to Reduce SWIFT Reliance

Russia and India are teaming up to reduce their reliance on SWIFT, the global interbank messaging network, by settling bilateral trade payments using digital currencies.

According to Sberbank CEO German Gref, the central banks of Russia and India are developing a mechanism to use digital currencies for trade settlement between the two countries.

Gref stated that this system would allow the two countries to process cross-border payments more quickly and reduce their dependence on SWIFT.