The Russian Central Bank has planned the transfer of its Financial Communications Transfers System (FSFS) to the blockchain system in 2019. This will help Russian banks to bypass SWIFT.

Blockchain will help to increase security level of financial transactions and ensure their maximum transparency.

"The use of blockchain technology will undoubtedly increase the level of protection of SFFS from hacker attacks. This is especially true given the fact that a number of banks, including Russian Globex, became victims of hacker attacks through the SWIFT system,"  said Maxim Osadchy, head of analytical department of the Central Bank.

Blockchain also will help to reduce costs of transactions.

If the price for the transfer through SWIFT varies in Russia around €0.03-0.05, then the cost of one message through the FSFS is about 1.5-2 rubles (€0.02-0.03).

It is still to be decided whether the Bank of Russia will use its own blockchain platform or build the system on the already existing Ethereum.

Over the past year the number of Russian companies moved from SWIFT to FSFS. The number of FSFS participants increased by 22% to 403.