As Russia Looks To Blockchain to Replace SWIFT, Cryptos Fall

On Wednesday, as Russia explores blockchain technology in a bid to reduce dependence on SWIFT, a worldwide interbank exchange, bitcoin and other virtual coins were lower.

At 8:39 AM ET (12:39 GMT), bitcoin was trading at $7,052.10, decreasing 3.73% at the Bitfinex exchange. The virtual currency has struggled to recover since falling below $6,000 in February and it is far from its peak of $20,000 in December 2017.

“We are looking at blockchain technology that would give us the same benefits as SWIFT”, said on Wednesday, Russian officials. Russia is turning its sights to ledger technology, with tensions rising in the West and the UK long advocating for Russia to be removed from the network. Ledger technology or blockchain, is the technology behind cryptocurrencies.

Meantime, in order to avoid moving the market, trading firms have been conducting over the counter virtual currency trades for the past five years over Skype.

The group includes around 20 traders and clients such as bitcoin miners, investors, payment processors and hedge funds. Some dealers handle more than $100 million in cryptocurrency trades per day.

In other news, the firm said that Google (NASDAQ:GOOGL) has banned mining programs from its Chrome store, which use the processing power of users to mine cryptocurrency without their consent.

The news follows Google banning all virtual coin and initial coin offering-related ads.Twitter and Facebook (NASDAQ:FB) have also banned digital coin related ads.

Other virtual currencies were down, with the world’s second largest cryptocurrency by market cap, which is Ethereum, falling 3.75% to $384.00 on the Bitfinex exchange. The third largest virtual currency, ripple, decreased 4.77% to $0.50074 while $$$/LTC was at $120.82, a decline of 2.02%.

Stay updated with infoeuropefx to find out the latest news about cryptocurrency. /investing.com

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