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Putin wants a blockchain-based international settlement network

The new network envisioned by Putin will be totally independent of banks and the interference of countries, which is harmful to participants.

Image by: Wikimedia Commons

Mon, 28 Nov 2022, 15:46 pm UTC

Russian President Vladimir Putin is calling for a blockchain-based international settlement network. The new network envisioned by Putin will be totally independent of banks and the interference of countries, which is harmful to participants.

“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,” Putin said on November 26, at International AI Journey Conference in Moscow, Cointelegraph reported.

“I am confident that something like this will certainly be created and will develop because nobody likes the dictate of monopolists, which is harming all parties, including the monopolists themselves,” Putin added. The event was organized by Sberbank, Russia’s largest bank and a major lender to the government.

Russia’s ongoing war against Ukraine has resulted in tense relations between the country and the West, which could put global payments and nations at risk. Western powers have imposed sanctions, which Putin labeled as “illegitimate restrictions.”

“The existing 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,” the Russian president said.

The day before, local media claimed that lawmakers were debating changes to the current cryptocurrency legislation that would establish a legal foundation for a nationwide exchange.

A bill authorizing cryptocurrency mining and the selling of the cryptocurrency mined was recently introduced into the Russian State Duma, the lower house of parliament, on November 17.

Anatoly Aksakov, the chairman of the Duma Financial Markets Committee, Anatoly Aksakov stated that the “passage of the law will bring this activity into the legal field, and make it possible to form a law enforcement practice on issues related to the issuance and circulation of digital currencies.” At the moment, crypto cannot be used for settlements in Russia.

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