Speaking at the International AI Journey Conference in Moscow on November 24, Russian President Vladimir Putin criticized the monopoly in global financial payment systems and called for an independent settlement network that is based on Blockchain technology.
During the event organized by Sberbank, the largest Russian bank and one of the main lenders to the government, he stated:
“The technology of digital currencies and blockchain networks can be used to create a new international settlement system that will be much more comfortable, absolutely safe for its users and, most importantly, will not depend on banks or interference from other countries. I am confident that something like this will certainly be created and developed because nobody likes the dictate of the monopolists, which hurts 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 current system of international payments is expensive, the system of its correspondent accounts and regulation are controlled by a narrow club of states and financial groups,” said the Russian president.
A day earlier, local media reported that lawmakers have been discussing amendments to existing cryptocurrency legislation, establishing a legal framework to create a national exchange.
Another recent event is that on November 17, a bill legalizing mining and the sale of cryptocurrencies from said activity was introduced in the Russian State Duma, the lower house of parliament.
As we already told you here at Cointelegraph, the chairman of the Duma Committee on Financial Markets, Anatoly Aksakov, believes that the “passage of the law will bring this activity into the legal realm, and will make it possible to form a law enforcement practice.” on issues related to the issuance and circulation of digital currencies”. Currently, cryptocurrencies cannot be used to make payments within Russia.
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