Vladimir Putin offers to use blockchain and digital currencies to launch an independent payment system.
Russian President Vladimir Putin suggests creating an independent, blockchain-based international payment system.
Vladimir Putin discussed the matter during the International AI Journey Conference in Moscow on November 24th. In his speech, Russia’s president stated that the new international payment system should be completely independent of banks or third-party interference.
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The technology of digital currencies and blockchains can be used to create a new system of international settlements that will be much more convenient, absolutely safe for its users and, most importantly, will not depend on banks or interference by third countries.
Putin emphasized that he has no doubt that this type of technology will be developed, stating that “nobody likes the dictates of monopolists, which is harming all parties, including the monopolists themselves.”
On top of that, Putin added that international settlements are currently at risk, due to the tense situation between Russia and the West, with Putin calling sanctions “illegitimate restrictions.” Moreover, he outlined that current international payment methods are expensive and controlled by selective financial groups and entities.
The existing system of international payments is expensive, the system of its correspondent accounts and regulation are controlled by a narrow club of states and financial groups. In fact, they are acting as the masters of the universe who have monopolized control over everything.
It is worth noting that in recent months, Russia shifted towards a more flexible approach to crypto. On November 23rd, the local news portal Vedomosti revealed that Russia is looking into the possibilities of launching a national crypto exchange and has discussed the proposal with “market participants.”
On the other hand, at the end of September, the Head of the finance committee in Russia’s lower house of parliament, Anatoly Aksakov, disclosed that the country is looking to use its central bank digital currency (CBDC), the digital ruble, for international settlements with Russia.
