Putin Wants to Introduce a Blockchain System for International Payments
Russian President Vladimir Putin said a new and independent international payment system is needed amid sanctions and restrictions imposed by the world on his country.
The statement was reportedly made at the AI conference organized by Sberbank. In his speech, the president revealed that international payments are currently under threat due to the strained relations between Russia and Western superpowers.
Putin said the new system would be independent of banks and third-party interference. He suggested creating a system based on digital currency and blockchain technology. He said it would be more convenient but at the same time completely safe for participants and independent of banks and third-party interference.
Putin believes the current system is expensive
The president described the current method of international payments as expensive. According to him, the financial groups that control international payments are to blame for their high cost.
Defining the West’s sanctions against Russia as illegal restrictions, Putin noted that international payments are now under attack. He added that Russian financial institutions know this better than anyone because they are exposed to these practices.
Russia adopts cryptocurrencies to oppose sanctions?
Russia has made several pro-crypto moves and attempts to boycott the sanctions imposed. The Putin-ruled country has also increased its support for the legalization of international crypto payments.
In October, it became clear that Russian businesses were circumventing sanctions by using cryptocurrencies despite the fact that the regulation of the crypto environment in the Russian Federation has not yet been properly configured.
The country also announced that it is working on a law to create a national crypto exchange. The country’s lawmakers are also working on a project that legalizes the mining of digital currencies on the territory of Russia and ways to sell the mined assets.