The Russian President cited the need for blockchain and crypto-based payment systems.
Taking a jibe at the West, Russia’s President Vladimir Putin voiced his criticism of the international payments system, calling for a transparent and decentralized form of payments. He stressed the need to be free from banks and the involvement of third-party countries in monetary transactions crossing borders and called for a blockchain-based international payment system.
Speaking at an event in Moscow named International AI Journey Conference, Putin was quoted saying, “The technology of digital currencies and blockchains 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 by third countries. I am confident that something like this will certainly be created and will develop because nobody likes the dictation of monopolists, which is harming all parties, including the monopolists themselves.”
Russia has been heavily sanctioned by the West post the Russia-Ukraine war, the economic ramifications for which have spilled over to the entire world. Countries are suffering from sky-high inflationary pressures, on top of which trading with Russia via US dollars has practically become very difficult. In the recent past, experts have also been calling out against the monopolization of trade and international payments and have called for better, democratized settlement systems.