Russian President Vladimir Putin criticized the monopoly on global financial payment systems and called for an independent and blockchain-based settlement network on Nov. 24 while speaking at the International AI Journey Conference in Moscow.
During the event organized by Sberbank, the largest Russian bank and a major government lender, he stated:
“The technology of digital currencies and blockchains can be used to create a new system of international settlements that is much more convenient and completely safe for its users and, most importantly, does not depend on banks or third-party interference. I am confident that something like this will certainly be created and developed, because nobody likes the dictates of the monopolists, which harms all parties, including the monopolists themselves.”
Putin also pointed out that global payments and nations are at risk due to strained relations between Russia and the West following the invasion of Ukraine, calling the sanctions imposed by the countries “illegitimate restrictions”.
“The existing system of international payments is expensive, the system of its related accounts and regulation is controlled by a close-knit club of states and financial groups,” the Russian president noted.
A day earlier, local media reported that lawmakers were in talks to change existing cryptocurrency legislation to set a legal framework for a national exchange.
Another recent development, a bill introduced in Russia’s State Duma, the lower house of parliament, on Nov. 17 to legalize cryptocurrency mining and the sale of the mined cryptocurrencies.
As Cointelegraph reported, the Chairman of the Duma Financial Markets Committee, Anatoly Aksakov, believes that the “enactment of the law will bring this activity into the legal sphere and allow for the formation of a law enforcement practice on issues related to the issuance and distribution of digital currencies.” Currently, cryptocurrency cannot be used for settlements in Russia.
Comments are closed.