Putin calls for blockchain-based international payment system


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Russian President Vladimir Putin has criticized monopolies in the global financial payment system and called for an independent blockchain-based payment network on November 24. busy At the International AI Journey Conference in Moscow.

At an event organized by Sberbank, Russia’s largest bank and a major lender to the government, he said:

“I am convinced that digital currencies and blockchain technology can be used to create a new international payment system that is much more convenient, absolutely safe for users, and independent of interference by banks and third countries. Something like this will surely be created and developed, because no one likes the direction of a monopolist that is to the detriment of all parties, including the monopoly himself.”

Putin also said that strained relations between Russia and the West in the wake of Ukraine’s aggression put global payments and nations at risk, calling the sanctions imposed by them “unjust.” It was called a “limitation”.

“The existing international payment system is expensive, and its correspondent account system and regulations are controlled by a narrow club of states and financial groups,” the Russian president said.

A day earlier, local media reported that parliamentarians were discussing revisions to existing cryptocurrency laws, laying down a legal framework for domestic exchanges.

In another recent development, a bill was introduced in the Russian House of Representatives, the House of Commons, on November 17, legalizing the mining of cryptocurrencies and the sale of mined cryptocurrencies.

As reported by Cointelegraph, Anatoly Aksakov, chairman of the Duma Financial Markets Committee, said: “The passage of the law will bring this activity into the legal arena and will focus on issues related to digital issuance and circulation. We believe that it will be possible to form law enforcement practicescurrency.” Currently, cryptocurrencies cannot be used for payments in Russia.