Putin proposes a blockchain-based global payment system

The Russian president denounced Western sanctions and advocated for an “interference-free” society.

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

During the event hosted by Sberbank, the biggest Russian bank and a key government lender, he made the following remarks:

“The technology of digital currencies and blockchains may be utilized to establish a new system of international settlements that is far more convenient, completely secure for its users, and, most importantly, independent of banks and third-party meddling. Because nobody likes the monopolists’ dictates, which are harmful to all parties, including the monopolists themselves, I am convinced that something similar will be produced and grow.

Putin also warned that global payments and nations are in danger as a result of tight ties between Russia and the West after the invasion of Ukraine, and he referred to sanctions imposed by countries as “illegal limits.”

“The present system of international payments is costly, and its correspondent accounts and regulation are under the authority of a small number of governments and financial institutions,” remarked the Russian president.

The day before, local media claimed that MPs were discussing revisions to the current cryptocurrency laws, which would provide a legal basis for a national exchange.

A measure was filed on November 17 in the Russian State Duma, the lower chamber of parliament, to legalize cryptocurrency mining and the selling of mined cryptocurrencies.

As reported by Cointelegraph, Anatoly Aksakov, chairman of the Duma Financial Markets Committee, believes that the passage of the law will “bring this activity into the legal realm and enable the formation of a law enforcement practice on issues related to the issuance and circulation of digital currencies.” In Russia, bitcoin cannot yet be utilized for transactions.

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