Putin calls for blockchain-based international payment system

Russian President Vladimir Putin criticized the monopoly in world monetary fee techniques and referred to as for an impartial and blockchain-based settlement community on Nov 24, speaking on the Worldwide AI Journey Convention in Moscow. 

In the course of the occasion organized by Sberbank, the biggest Russian financial institution and a significant lender to the federal government, he acknowledged:

“The know-how of digital currencies and blockchains can be utilized to create a brand new system of worldwide settlements that might be way more handy, completely protected for its customers and, most significantly, is not going to rely on banks or interference by third international locations. I’m assured that one thing like this can definitely be created and can develop as a result of no person likes the dictate of monopolists, which is harming all events, together with the monopolists themselves.”

Putin additionally famous that world funds and nations are in danger attributable to tense relations between Russia and the West following Ukraine’s invasion, labeling sanctions imposed by international locations as “illegitimate restrictions.”

“The present system of worldwide funds is pricey, the system of its correspondent accounts and regulation are managed by a slender membership of states and monetary teams,” famous the Russian president.

A day earlier than, the native media reported that lawmakers have been in discussions for amendments to the present cryptocurrency laws, laying down a authorized framework for a nationwide change.

One other current growth, a invoice was launched into the Russian State Duma, the decrease home of parliament, on Nov. 17 legalizing cryptocurrency mining and the sale of the cryptocurrency mined.

As reported by Cointelegraph, chairman of the Duma Monetary Markets Committee Anatoly Aksakov believes the “passage of the regulation will convey this exercise into the authorized discipline, and make it doable to type a regulation enforcement observe on points associated to the issuance and circulation of digital currencies.” At present, cryptocurrency can’t be used for settlements in Russia.

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