President Putin calls for the establishment of a blockchain-primarily based global payment method

The Russian president a short while ago criticized Western sanctions and known as for the establishment of a blockchain-primarily based payment method.

Speaking to conference “Journey to the World of Artificial Intelligence” in Moscow On November 24, Russian President Vladimir Putin criticized the monopoly of worldwide economic payment methods and advocated the creation of an independent global payment network primarily based on the blockchain.

During the occasion, President Putin explained:

“Based on digital and blockchain technology, it is possible to create a new international payment system that is more convenient, safer for users and, above all, not dependent on banks or the intervention of other banks from a third country. I believe that such a system will certainly be created and will develop, because nobody likes the orders of monopolies, which harm everyone, including themselves”.

Putin also mentioned that worldwide payments and nations are at possibility due to strained relations in between Russia and the West following the invasion of Ukraine. The 70-12 months-previous president known as the sanctions imposed by the nations “illegal restrictions”.

President Putin stressed:

“In terms of today’s unlawful restrictions, a single of the assault vectors is payments. The present global payment method is pretty high-priced and the apparatus and regulation of the agencies’ accounts is managed by a tiny group of nations and finance organizations. In truth, they truly have a monopoly of management above every little thing.”

In this regard, he proposed to mix state-of-the-art technologies and mankind’s thousand-12 months working experience to resolve.

President Putin described the Eastern hawal method, which presented for mutual payments lengthy just before banking institutions appeared and is nevertheless in operation – this method can make transactions by means of brokers.

A day earlier, regional media reported that Russian lawmakers have been discussing amendments to the present cryptocurrency law, setting out the regulatory framework for a nationwide exchange.

Elsewhere, a bill to legalize the mining and sale of mined cryptocurrencies was launched in the Russian State Duma on Nov. 17. Previously, President Putin spoke out in favor of the cryptocurrency mining business in Russia.

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