Russian President Vladimir Putin calls for international blockchain-based payment system: Report
Russian President Vladimir Putin is reportedly calling for an international payment system based on distributed ledger technology.
According to the Russian state-owned news agency TASS, Putin says that a blockchain-based international payment system is much more suitable in today’s world.
“It is possible to create a new system for international payments based on digital currency technologies and distributed ledgers, much more convenient, but at the same time completely safe for participants and independent of banks and third-party interference.”
Putin also criticizes the current state of international payments, saying the system is controlled by a handful of public and private entities.
“Under the conditions of the current illegitimate restrictions, settlements are one of the lines of attack. The current international payment system is expensive, and the correspondent account system and regulation is controlled by a small group of states and financial companies.”
The report does not provide further details about Putin’s plans for an international payment system based on a distributed ledger.
Putin’s remarks come after the European Union (EU) imposed a new round of sanctions on Russia last month for its continued military aggression against Ukraine. The EU toughened its sanctions against the Russian government by banning all cryptocurrency wallet and custody services. The ban came just weeks after the Ministry of Finance and the Bank of Russia acknowledged the need to soon enable cross-border crypto payments.
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