Not Wanting to be Dictated By the West, Putin Proposes an Independent Blockchain-Based Payment Network
JAKARTA - Russian President Vladimir Putin criticized the monopoly in the global financial payment system. It even calls for an independent, blockchain-based settlement network. This was said by Putin on November 24, while speaking at the International AI Journey Conference in Moscow.
During the event organized by Sberbank, Russia's largest bank and main lender to the Putin government, several things were stated.
“Digital currency and blockchain technologies can be used to create a new system of international settlements that will be much more convenient, completely safe for its users and, most importantly, will not depend on banks or third country interference. I am sure that something like this will definitely be created and developed because no one likes the dictates of monopolists that harm all parties, including the monopolists themselves," Putin said as quoted by Cointelegraph.
Putin also noted that global payments and countries are at risk because of strained relations between Russia and the West after the invasion of Ukraine. He called the sanctions imposed by western countries “unlawful restrictions.”
SEE ALSO:
“The existing international payment system is expensive, the correspondent account system and its regulation are controlled by western country clubs and narrow financial groups,” said the Russian president.
The previous day, local media also reported that lawmakers had been discussing amendments to existing cryptocurrency laws, and wanted to lay down a legal framework for national cryptocurrency exchanges.
In another recent development, a bill was introduced to the Russian State Duma, the lower house of parliament, on November 17 that legalized the mining of cryptocurrencies and the sale of cryptocurrencies mined in Russia.
As reported by Cointelegraph, the Chair of the Duma Financial Markets Committee, Anatoly Aksakov, believes “the issuance of a law will bring this activity into the realm of law, and make it possible to establish law enforcement practices on issues related to the issuance and circulation of digital currency.” But until now, cryptocurrencies still cannot be used for legal payments and transaction settlements in Russia.