The Russian President criticized Western sanctions and urged for a system “independent of external interference.”
Russian President statesman criticized the monopoly in international monetary payment systems and called for an independent and blockchain-based settlement network on Nov twenty four, speaking at the International AI Journey Conference in Moscow.
During the event organized by Sberbank, the biggest russian bank and a major investor to the government, he stated:
“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. 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 also noted that world payments and nations area unit in danger due to tense relations between Russia and also the West following Ukraine’s invasion, labeling sanctions obligatory by countries as “illegitimate restrictions.”
“The existing system of international payments is dear, the system of its correspondent accounts and regulation are controlled by a narrow club of states and financial groups,” noted the Russian president.
A day before, the native media reportable that lawmakers are in discussions for amendments to the prevailing cryptocurrency legislation, laying down a legal framework for a national exchange.
Another recent development, a bill was introduced into the Russian State Duma, the lower house of parliament, on Nov. 17 legalizing cryptocurrency mining and the sale of the cryptocurrency mined.
As per reports, chairman of the Duma monetary Markets Committee Anatoly Aksakov believes the “passage of the law can bring this activity into the legal field, and build it attainable to make a law enforcement observe on problems related to the supplying and circulation of digital currencies.” presently, cryptocurrency can't be used for settlements in Russia.
( Ana Paula Pereira, Cointelegraph, 2022 )