crypto strategy

Putin calls for a blockchain-based international payment system

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

Speaking at the event hosted by Sberbank, Russia’s largest bank and one of the government’s main lenders, he said:

“Digital currencies and blockchain technology can be used to create a new system of international settlements that will be much more convenient, absolutely safe for its users and, most importantly, will not depend on banks or interference from third countries. I am confident that something like this will definitely be created and grow because no one likes the diktat of the monopolists, which harms all parties, including the monopolists themselves.”

Putin also noted 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 current system of international payments is expensive, the system of its corresponding accounts and its regulation are controlled by a narrow club of States and financial groups”, noted the Russian president.

The day before, the local media reported that lawmakers have had discussions amendments to existing cryptocurrency legislation, establishing a legal framework for a national stock exchange.

In another recent development, a bill was introduced in the Russian State Duma, the lower house of parliament, on November 17 legalizing cryptocurrency mining and the sale of mined cryptocurrency.

As reported by Cointelegraph, Chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov, believes that “the adoption of the law will bring this activity into the legal sphere and allow the formation of a law enforcement practice on issues related to the issuance and circulation of digital currencies”. Currently, cryptocurrency cannot be used for settlements in Russia.