
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 that rely on digital currency and distributed ledger technology will be “much more convenient.”
Russian President Vladimir Putin has called for the establishment of a new system for international agreements, independent of banks and third-party interference. It can be created using digital currency technologies and distributed ledgers, the Russian leader was quoted as saying by local media.
Putin spoke during a conference dedicated to artificial intelligence and organized by Russia’s largest lender, Sberbank. During his speech, he stressed 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 the settlements. And our financial institutions know this better than anyone else because they are exposed to these practices,” the president explained.
Vladimir Putin was referring to sanctions imposed on the Russian Federation over its invasion of neighboring Ukraine, which have severely limited its access to global finance and markets. According to a report by Prime news agency, he also noted:
“Today, the system of international payments is expensive, with correspondent accounts and regulations 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 crypto news outlets RBC Crypto and Bits. Middle.
Russia has been mulling comprehensive crypto regulations in recent months, with growing support for the legalization of cross-border crypto payments. In September, Moscow’s financial authorities began developing a mechanism for international cryptocurrency settlements. A report recently revealed that Russia and Cuba, both under sanctions, are already discussing the matter.
Source: Bitcoin
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