President Putin calls for the establishment of a blockchain-based international payment system

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2022-12-01 15:02:49

Russian President Vladimir Putin has criticized Western sanctions and called for the construction of an independent financial and international payment system based on blockchain technology.

Russian President speaks at the International AI Journey Conference on November 24

Speaking at the International AI Journey Conference in Moscow on November 24, President Putin criticized the monopoly in global financial payment systems and called for an independent payment network.

“On the basis of digital and blockchain technology, it is possible to create a new international payment system that is more convenient, safe for users, and most importantly, does not depend on banks or the intervention of other banks. third country. I believe that a system like this will definitely be created and developed, because no one likes the orders of monopolies, which are damaging to all parties, including themselves.”

Mr. Putin said that global payments and countries were at risk due to strained relations between Russia and the West as the war between Ukraine and Russia broke out. The president called sanctions imposed by countries “illegal restrictions”.

“Current conditions are loosely regulated and very restrictive. Therefore, to attack a country, one of the main attacks is aimed at payment. The current international payment system is very expensive, and the agency account apparatus and regulation are controlled by a small group of countries and financial corporations. In fact, they really have a monopoly on controlling everything.”

President Putin proposed to combine advanced technology and long-standing human experience to solve. He cites the eastern system of hawal, which provided mutual payments long before banks and is still in operation – the system transacted through brokers.

A day earlier, local media reported that Russian lawmakers were in the process of discussing amendments to the existing cryptocurrency law, setting out the regulatory framework for a national exchange.

A bill was introduced into the State Duma by Russia on November 17 that legalizes the mining and sale of mined cryptocurrencies. Earlier, President Putin also spoke in favor of the crypto mining industry in Russia.

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