Vladimir Putin calls for a global blockchain payment system
Cryptocurrency
Vladimir Putin has called for a new international payment system based on digital currencies and blockchain.
Russia’s president wants to see an independent system established after the West sanctioned his country following the invasion of Ukraine.
Speaking at the international AI Journey conference in Moscow – organized by Russia’s largest bank Sberbank – he criticized the monopoly in global financial payment systems, calling the sanctions “illegitimate restrictions”.
“The technology of digital currencies and blockchains can be used to create a new system of international settlements that will be much more convenient, absolutely safe for users and, most importantly, will not depend on banks or interference from third countries,” he said.
“The existing system of international payments is expensive; the system of correspondent accounts and regulations is controlled by a narrow club of states and financial groups.
“I am convinced that something like this will certainly be created and will develop because no one likes the dictates of the monopolists, which harms all parties, including the monopolists themselves.”
Russia is looking to launch a national crypto exchange, backed by both the Ministry of Finance and Russia’s Central Bank, which tend to be at odds over crypto regulation in the country.
A new bill has also been introduced in the Duma – the lower house of parliament – aiming to legalize cryptocurrency mining and cryptocurrency sales.
Cryptocurrency shorts
Tiantian Kullander, co-founder of Hong Kong-based digital asset company Amber Group, has died in his sleep at the age of 30. The former trader, described as a “devoted husband, a loving father and a fierce friend”, made Forbes 30 Under 30 list in 2019. His company hit a $3 billion valuation earlier this year with a $200 million funding round.
Wall Street bank JP Morgan has received approval from the US Patent and Trademark Office for the crypto wallet trademark JP Morgan Wallet.
Web3 game publisher Fenix Games has raised $150 million to build a blockchain gaming empire. CEO Chris Ko, who previously led Mythical Games, said it will act “like a VC fund” for blockchain games.
Midnight, led by former Soundcloud and Disney executives, has raised $7.5 million in seed funding led by Shima Capital. The Web3 gaming company is to implement a “smithing” system for NFTs in its games.
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The total market capitalization of the 21,800 coins is $819 billion at the time of writing (7am UK), down from $827 billion on Friday morning.
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