Russian President Vladimir Putin advocated the creation of a new international settlements system that is free from banks and third-party involvement. The Russian president stated that it could be built using digital currency technology and distributed legers. TASS cites his comments at the conference “Journey into the World of Artificial Intelligence.”
“Based on the technologies digital currencies and distributed registeries, it is possible create a new system for international payments that is much more convenient but also completely safe for participants. It is also independent of banks and interfere from third countries,” said the Russian leader.
During his speech, the Russian-West tensions put financial flows and transfers between countries in danger.
“We all know that settlements are one of the main lines of attack under today’s illegitimate restraints.” Because they are exposed to these practices, our financial institutions know it better than anyone.
He believes that financial institutions must be built on democratic ideals, and reflect the realities of a multipolar world. Diktat, exploitation and monopoly must all be avoided. One of the current attacks is on international payments, which are subjected to illegitimate restraints.
“The current international payments system is costly, its system for correspondent accounts and regulation is controlled only by a small group of financial groups and states. They are the masters and monopoly over all of life.
Putin’s comments underline Russia’s need for a new international payment system that uses blockchain. Russia is currently restricted by Western sanctions. Russia has been discussing complete crypto rules in recent months. This includes increased support for cross-border crypto payments. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: BlockchainInternational PaymentsRussiaVladimir Putin