If Russian President Vladimir Putin has his way, a new blockchain-based international payment system could soon take shape.
comments Briefing about a possible blockchain-based digital payment system from Putin during a conference on artificial intelligence (AI) hosted by major Russian bank Sberbank. And according to Putin, it’s an international embargo. Russia Which has brought to light the need for alternative payment systems.
“We are all too well aware that settlements are one of the possible avenues of attack under the current conditions of illegal sanctions. Our financial institutions know this better than anyone else as they are operating under them,” the President said in his speech at the event. said in the speech.
The Russian president has made it clear for some time that he is keen to develop an alternative to today’s international payment system, which he views as controlled by the West. Following Russia’s invasion of Ukraine, Western governments blocked access to the international payment network SWIFT for many Russian banks, while also freezing reserve assets held abroad by the Russian central bank.
“The current system of international settlements is expensive, and its system of correspondent accounts and regulation is being controlled by a small club of states and financial groups,” Putin said in the speech. He added that this “club”, in his view, “acts as the masters of the universe, who have a monopoly on everything.”
Putin explained to the audience how a system with a decentralized ledger – which is a feature of most cryptocurrencies – could make payments “more convenient”.
“Based on the technologies of digital currencies and distributed ledgers, it is possible to create a new system for international payments, more convenient, but at the same time completely safe for participants and completely independent of banks and interference from third countries” said the Russian President.
changing stance on crypto
The speech comes as Russia is considering new and comprehensive regulations on crypto. Among other things, a new draft bill that essentially legalizes international crypto payments and regulates the mining industry in Russia has been tabled in Parliament. Furthermore, Russian lawmakers recently announced a plan last week that could see the nation Build a state-run crypto exchange,
In the past, the use of crypto has been heavily restricted in Russia, and the government has appeared opposed to it. Most notably, the Russian central bank tightened anti-crypto stance and strongly refutes the idea of allowing crypto “into the Russian economy”.
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