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Russian President Vladimir Putin believes a new system of international money transfers is needed to reduce reliance on big banks and third parties. He is confident that cross-border payments powered by digital currency and distributed ledger technology will be “much more convenient”.
Russian head of state urges blockchain-powered international payments
Russian President Vladimir Putin has called for a new system of international settlements, independent of banks and third-party interference. It can be created using digital currency and distributed ledger technologies, the Russian leader was quoted as saying by local media.
Putin was speaking at a conference on artificial intelligence organized by Russia’s biggest lender, Sberbank. During his speech, he pointed out that financial flows and payments between nations are currently under threat amid strained relations between Russia and the West.
“We all know very well that under today’s illegitimate restrictions, one of the lines of attack is through the settlements. And our financial institutions know this better than anyone because they are exposed to these practices,” said the president.
Vladimir Putin was referring to the sanctions imposed on the Russian Federation following its invasion of neighboring Ukraine, which have severely limited its access to finance and global markets. According to a report by the Prime news agency, he also pointed out:
Today, the international payments system is costly, 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 of international payments, and much more convenient, but at the same time completely safe for participants and completely independent of banks and interference from countries. third parties,” Putin explained, also quoted by crypto outlets RBC Crypto and Bits.media.
Russia has been mulling over comprehensive crypto regulation over the past few months, with growing support for legalizing cross-border crypto payments. In September, Moscow financial authorities began developing a mechanism for international cryptocurrency settlements. A report recently revealed that Russia and Cuba, both under sanctions, were already discussing the issue.
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