Putin Calls for International Settlements Based on Blockchain and Digital Currencies – Finance Bitcoin News

Russian President Vladimir Putin believes a new system for international money transfers is necessary to reduce dependence on large banks and third parties. He is convinced that cross-border payments that rely on digital currency and distributed financial technology will be “much more convenient.”

Russia’s head of state calls for blockchain-powered international payments

Russian President Vladimir Putin has called for the establishment of a new system for international settlements, independent of banks and third-party interference. It can be created using digital currency technologies and distributed ledgers, the Russian leader was quoted as saying by local media.

Putin spoke at a conference devoted to artificial intelligence and organized by Russia’s largest lender, Sberbank. During his speech, he emphasized that money flows and payments between nations are currently threatened amid a tense relationship between Russia and the West.

“We all know very well that under today’s illegitimate restrictions, one of the lines of attack is through settlements. And our financial institutions know this better than anyone else because they are exposed to this practice,” the president elaborated.

Vladimir Putin was referring to the sanctions imposed on the Russian Federation over its invasion of neighboring Ukraine, which have severely limited its access to global finance and markets. According to a report by the news agency Prime, he also pointed out:

Today, the system of international payments is expensive, with correspondent accounts and regulation controlled by a small club of states and financial groups.

“Based on the technologies of digital currencies and distributed ledgers, it is possible to create a new system of international payments, and much more convenient, but at the same time completely safe for participants and completely independent of banks and interference from third countries,” Putin explained, also quoted of crypto news RBC Crypto and Bits.media.

Russia has been mulling extensive crypto regulation in recent months, with growing support for the legalization of cross-border crypto payments. In September, financial authorities in Moscow began developing a mechanism for international cryptocurrency settlements. A report recently revealed that Russia and Cuba, both under sanctions, are already discussing the matter.

Do you think Russia will develop a blockchain system for international crypto payments? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’ quote: “To be a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.