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Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
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Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
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Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

Russian analog of SWIFT ready for testing on the blockchain

  • By Al Mayadeen English
  • Source: Agencies
  • 11 Jul 2022 17:26
2 Min Read

Russia prepares to test a blockchain-based system it developed to replace SWIFT.

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  • Russian analog of SWIFT ready for testing on the blockchain
    Russian analog of SWIFT ready for testing on the blockchain

Russian state-owned company Rostec announced that its alternative solution to SWIFT based on blockchain technology is now ready for testing. 

The blockchain platform, dubbed CELLS, was developed by the Novosibirsk Institute of Software Systems (NIPS), a Rostec affiliate.

Last February, Russian banks were excluded from the SWIFT interbank payment system by the decision of the European Commission and its allies. The maneuver was intended to hit the country's banking network and its access to funds via SWIFT, which is pivotal for the smooth transaction of money worldwide.

Read more: Why cutting Russia from SWIFT is bad for the west

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“The digital payment system on the blockchain platform can be used as a full-fledged replacement for SWIFT, providing high speed, security and irrevocable transactions. The system will make it possible to switch to settlements in national currencies, eliminate the risk of sanctions and ensure the independence of the national financial policy for clearing participants” - Oleg Yevtushenko, Executive Director of Rostec Group.

Hence the government organization Rostec, which brings together several local companies in the tech sector, announced last month that it was developing a system to allow international bank payments, and a pilot version was ready for testing and can now be used in banks.

This type of solution already exists, particularly in China. The country launched its international interbank payment system in 2015, called CIPS.

So far, operators from the National Technology Initiative Platform (NTI) reported that the load testing shows good performance, with the product's design speed reaching over 25,000 messages per second on one node, with the potential of leading to further growth.

Unlike the SWIFT technology, CELLS does not use classic blockchain but rather a three-tiered architecture in which a distributed register is signed and distributed in a certain way. Hence, the system is able to scale up and connect a large number of new users.

  • Russia
  • SWIFT
  • Anti-russian sanctions

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