Putin Calls for a Blockchain-Based International Payment System
Russian President Vladimir Putin has called for a new system of international settlements to reduce dependence on big banks and third parties. He has urged for the adoption of a new cross-border payment system using digital currency and distributed ledger technology for convenience.
Push for Blockchain-Powered International Settlements
President of Russia Vladimir Putin has called for the
establishment of a new system for international settlements independent from
banks and third-party interference. He has insisted on using digital currency and distributed ledger technology to achieve cross-border settlements, as
quoted by the Russian media.
Putin was speaking during a conference on artificial
intelligence that was organized by Russia’s largest lender, Sberbank. He
highlighted the problems of financial flows and payments between nations amid tense relations between Russia and the West.
Limited Access to Global Finances and Markets
"We all know very well that under today’s illegitimate restrictions, one of the lines of attack is through settlements. And our financial institutions know this better than anyone because they are exposed to these practices," the president elaborated.
Vladimir Putin was referring to the sanctions imposed on the
Russian Federation over its invasion of neighboring Ukraine, which have
severely limited its access to global finances and markets. According to a
report by the Prime News Agency, he also pointed out:
Today, the system of international payments is expensive, with
correspondent accounts and regulations controlled by a small club of states and
financial groups.
"Based on the technologies of digital currencies and
distributed ledgers, it is possible to create a new system for international
payments. The system is likely to be not only convenient but also safe for
participants and completely independent of banks and interference from third
countries," Putin explained, as per reports from crypto news outlets RBC
Crypto and Bits.media.
Russia has been mulling over comprehensive crypto regulations in
the past months, with increasing support for the legalization
of cross-border crypto payments. In September, the financial authorities
in Moscow started developing a mechanism for international cryptocurrency
settlements.
Can Russia develop a blockchain-based international payment
system? Please post your comments.
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