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.”
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.
“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.
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