Russian President Vladimir Putin has advocated for constructing a new international settlements system free of banks and third-party involvement. According to the Russian president, it may be developed utilizing digital currency technology and distributed ledgers.
Putin stated that digital currency and blockchain technologies could create an independent international payment system. TASS cites his remarks at the conference “Journey to the World of Artificial Intelligence.”
“Based on the technologies of digital currencies and distributed registries, it is possible to create a new system of international payments, which is much more convenient, but at the same time completely safe for participants and, importantly, independent of banks and interference from third countries,” the Russian leader stated.
During his speech, he stressed that financial flows and transfers between states are now under threat due to Russia-West tensions.
“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.”
He believes that financial institutions should be built on democratic ideals and reflect the reality of a multipolar world. Diktat, exploitation, and monopoly must be avoided. However, one of the current lines of attack is against international payments, which are subject to illegitimate restrictions.
“The current system of international payments is expensive, its system of correspondent accounts and regulation is controlled by a narrow club of states and financial groups. In fact, they are the masters of life, they really, monopoly control everything, ”Putin said.
Putin’s remarks underline Russia’s need to develop a new international payment system based on blockchain, as the country is currently constrained by Western sanctions. In recent months, Russia has been considering complete crypto rules, with increased support for the legality of cross-border crypto payments.
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