Putin Calls for International Settlements Based on Blockchain and Digital Currencies – Vladimir Putin, the president of Russia, has called for the establishment of a new international settlements system independent of banks and third-party interference. It can be created using digital currency technologies and distributed ledgers, according to local media reports citing the Russian leader.
Putin spoke at a conference on artificial intelligence organized by Russia’s largest financial lender, Sberbank. During his address, he emphasized that tense relations between Russia and the West pose a threat to international financial flows and payments. “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 as a result of its invasion of the neighboring Ukraine, which have severely restricted the country’s access to global financial markets. According to a report by the Prime news agency, he also stated, “Today, the system of international payments is expensive, with correspondent accounts and regulation 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, and much more convenient, but at the same time completely safe for participants and completely independent of banks and interference from third countries,” Putin explained, also quoted by the crypto news outlets RBC Crypto and Bits.media.
In recent months, Russia has mulled over comprehensive crypto regulations, with growing support for the legalization of cross-border crypto payments. Moscow’s financial authorities began developing a mechanism for international cryptocurrency settlements in September. A recent report indicates that Russia and Cuba, both of which are subject to sanctions, are already discussing the issue.
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