The Russian president calls for international payment systems based on blockchain technology

The Russian President criticized Western sanctions and urged a system “independent of external interference.”

Russian President Vladimir Putin criticized global financial payment systems that are monopolized. At the International AI Journey Conference in Moscow, he called for an independent and blockchain-based settlement network. As part of the event organized by Sberbank, the largest bank in Russia and a major lender to the government, he said the following:

It is possible to use the technology of digital currencies and blockchains to create a new system of international settlements that will be much more convenient, absolutely safe for its users, and, most importantly, will not be dependent on banks or third parties. Something like this will certainly be created and developed since nobody likes the dictate of monopolists, which harms all parties, even the monopolists.

According to Putin, global payments and nations are at risk due to tense relations between Russia and the West following Ukraine’s invasion.

“The existing international payment system is expensive, and its correspondent account system and regulation are controlled by a small group of states and financial groups,” commented Russian President Vladimir Putin.

It was reported the day before that lawmakers had been in discussions about amending the existing crypto legislation, laying down a legal framework for a national exchange. Another recent development was the introduction on Nov. 17 of a bill into Russia’s State Duma, the lower house of parliament, legalizing crypto mining and the sale of the cryptocurrency mined.

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