Russian President Vladimir Putin Wants an International Blockchain Based Payments System

On November 24, Russian President Vladimir Putin spoke at the International AI Journey Conference in Moscow, criticizing the monopoly in global financial payment systems and calling for an independent, blockchain-based settlement network.

During an event hosted by Sberbank, Russia’s largest bank and a significant lender to the government, he stated:

“Digital currency and blockchain technology may be utilized to build a new system of international settlements that will be far more convenient, totally safe for its users, and, most importantly, will not rely on banks or third-country meddling.” I am convinced that something similar will be established and developed since nobody loves monopolists’ dictation, which harms all parties, even the monopolists themselves.”

Putin also stated that global payments and nations are at danger as a result of strained ties between Russia and the West following Ukraine’s invasion, calling country sanctions “illegitimate limitations.”

Furthermore, Russian President Vladimir Putin, stressed the negatives of the current system in place.

“The present international payment system is costly, and its correspondent account system and regulation are controlled by a small group of governments and financial companies.”

The day before, local media claimed that politicians were in talks about amending current cryptocurrency legislation to provide a legal basis for the establishment of a national cryptocurrency exchange.