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Putin Calls for International Settlements Based on Blockchain and Digital Currencies

Putin Calls for International Settlements Based on Blockchain and Digital Currencies

Russian President Vladimir Putin believes a new system for international money transfers is needed to reduce dependence on big banks and third parties. He is convinced that cross-border payments relying on digital currency and distributed ledger technology will be “much more convenient.”

Russia’s Head of State Urges for Blockchain-Powered International Payments

President of Russia Vladimir Putin has called for the establishment of a new system for international settlements, independent from banks and third-party interference. It can be created using digital currency technologies and distributed ledgers, the Russian leader said, quoted by local media.

Putin was speaking during a conference devoted to artificial intelligence and organized by Russia’s largest lender, Sberbank. During his address, he emphasized that financial flows and payments between nations are currently under threat amid tense relations between Russia and the West.

“We all know very well that under today’s illegitimate restrictions, one of the lines of attack is through settlements. And our financial institutions know this better than anyone because they are exposed to these practices,” the president elaborated.

Vladimir Putin was referring to the sanctions imposed on the Russian Federation over its invasion of neighboring Ukraine which have severely limited its access to global finances and markets. According to a report by the Prime news agency, he also pointed out:

Today, the system of international payments is expensive, with correspondent accounts and regulation controlled by a small club of states and financial groups.

“Based on the technologies of digital currencies and distributed ledgers, it is possible to create a new system for international payments, and much more convenient, but at the same time completely safe for participants and completely independent of banks and interference from third countries,” Putin explained, also quoted by the crypto news outlets RBC Crypto and Bits.media.

Russia has been mulling over comprehensive crypto regulations in the past months, with increasing support for the legalization of cross-border crypto payments. In September, the financial authorities in Moscow started developing a mechanism for international cryptocurrency settlements. A report recently revealed that Russia and Cuba, both under sanctions, are already discussing the matter.

Do you think Russia will develop a blockchain system for international crypto payments? Tell us in the comments section below.

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    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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