Russian President Putin Considers Using Blockchain for Global Payments ⋆ ZyCrypto

• The largest country by land area is taking pro-crypto steps amid crippling sanctions from the West.
• According to Putin, blockchain technology offers a payment system free from ”the dictates of the monopolists”.

Russian President Vladimir Putin has hinted at developing a system for global payments based on blockchain technology and cryptocurrencies. During the conference organized by Sberbank – The Artificial Intelligence Journey 2022 International AI and machine learning – Putin spoke at length about the matter.

“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,” Putin meant, possibly referring to the sanctions imposed on his country since Russia invaded Ukraine.

After the conflict, the global bank messaging network SWIFT removed major Russian financial players, restricting their international payments. While Putin did not elaborate on what his concept of the blockchain system would look like, he slammed the current financial systems, saying they were “controlled by a narrow club of states and financial groups.”

While referring to the sanctions imposed by the West, the Russian leader added that he is sure that “something like this (the blockchain-based payment system) will certainly be created and will develop because no one likes the monopolists’ dictates, which harms all parties. , including the monopolists themselves”

Russian lawmakers are pushing for a “national crypto exchange“

According to a report sent to a local media house, the lower house of the Russian Assembly recently proposed regulations to support the creation of a national crypto exchange. State Duma deputies are reportedly persuading the Ministry of Finance and the Bank of Russia to adopt the proposal.

The representative of the Russian Economic Policy Committee, Sergey Altukhov, recently commented on the proposal, saying that it was time for Russia to adopt blockchain. “It makes no sense to say that cryptocurrencies do not exist, but the problem is that they circulate in a large stream outside of government regulations,” said Sergey.

The legislative agenda has not yet received full commitment from the Russian Ministry of Finance and the Central Bank. The two institutions have had anti-crypto views in the past, with sources claiming they never participated in the State Duma’s market engagement.