Russian President Vladimir Putin questioned the monopoly in international financial payment systems and proposed a global payment system based on blockchain technology.
Putin was speaking at the International AI Journey Conference in Moscow, organized by the largest Russian bank Sberbank.
“I am confident that something like this will certainly be created and will develop, because nobody likes the dictate of monopolists, which is harming all parties, including the monopolists themselves,” the Russian President stated.
Putin also stated that tensions between Russia and the West over the invasion of Ukraine are endangering international payments, and he called country-imposed sanctions “illegitimate restrictions.”
The Russian President stated that the current system of international payments is expensive and that a small group of countries and financial organizations control its regulation and correspondent account system.
Putin noted that a new system of international settlements that is far more practical, completely safe for its users, and, most importantly, independent from banks and outside influence can be developed using the technology of digital currencies and blockchains.
In July, the pro-blockchain President banned the use of crypto and NFTs as forms of payment in Russia. This just gives out the idea that Vladimir Putin is not that interested in the crypto sector, but only in the technology it’s based on.
A few days back, Russian lawmakers revealed it is working on a proposed amendment to establish a national crypto exchange in Russia. The State Duma members have discussed the necessary changes to the law “On Digital Financial Assets” with market participants.Â
