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Putin calls for a blockchain-based international payment system

Putin calls for a blockchain-based international payment system

The Russian President criticized Western sanctions and called for a system “independent of external interference“.

On November 24 at the AI ​​Journey International Conference in Moscow, Russian President Vladimir Putin criticized the monopoly on global financial payment systems. He called for an independent, blockchain-based settlement network. During the event hosted by Sberbank, Russia’s largest bank and a significant state lender, he explained, “Digital currency and blockchain technology can be used to create a new system for international payments that’s much more convenient.” 

 Safe for its users and, most importantly, not dependent on banks or interference from third countries. I am sure that something like this will be created and developed because nobody likes the dictates of the monopolists, which harms all parties, including the monopolists themselves.

In addition, Putin emphasized that the strained ties between Russia and the West due to the invasion of Ukraine are endangering international payments and nations and referred to the sanctions as “illegal restrictions.” The Russian President claimed that the current system of international payments was expensive and that a small group of nations and financial organizations controlled its regulation and system of related accounts. According to local media reports from the day before, I have urged lawmakers to change current cryptocurrency laws to create a legal framework for a national exchange. A bill introduced in November to Russia’s State Duma, the lower house of parliament, is another recent development.

17 Legalizing the mining of cryptocurrencies and the sale of the extracted coins. The chairman of the Duma Committee on Financial Markets, Anatoly Aksakov, believes that “the approval of the law will bring this activity into the legal sphere and will make on matters relating to the issuance and circulation of digital currencies, it is possible to establish a law enforcement practice. The cryptocurrency cannot currently be used to settle accounts in Russia.

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