Putin Calls for International Settlements Based on Blockchain and Digital Currencies – Finance Bitcoin News

Putin Calls for International Settlements Based on Blockchain and Digital Currencies

Russian President Vladimir Putin believes a brand new system for worldwide cash transfers is required to cut back dependence on large banks and third events. He is satisfied that cross-border funds relying on digital foreign money and distributed ledger know-how can be “much more convenient.”

Russia’s Head of State Urges for Blockchain-Powered International Payments

President of Russia Vladimir Putin has known as for the institution of a brand new system for worldwide settlements, impartial from banks and third-party interference. It may be created utilizing digital foreign money applied sciences and distributed ledgers, the Russian chief stated, quoted by native media.

Putin was talking throughout a convention dedicated to synthetic intelligence and organized by Russia’s largest lender, Sberbank. During his deal with, he emphasised that monetary flows and funds between nations are at present below risk amid tense relations between Russia and the West.

“We all know very well that under today’s illegitimate restrictions, one of the lines of attack is through settlements. And our financial institutions know this better than anyone because they are exposed to these practices,” the president elaborated.

Vladimir Putin was referring to the sanctions imposed on the Russian Federation over its invasion of neighboring Ukraine which have severely restricted its entry to international funds and markets. According to a report by the Prime information company, he additionally identified:

Today, the system of worldwide funds is pricey, with correspondent accounts and regulation managed by a small membership of states and monetary teams.

“Based on the technologies of digital currencies and distributed ledgers, it is possible to create a new system for international payments, and much more convenient, but at the same time completely safe for participants and completely independent of banks and interference from third countries,” Putin defined, additionally quoted by the crypto information retailers RBC Crypto and Bits.media.

Russia has been mulling over complete crypto rules prior to now months, with rising assist for the legalization of cross-border crypto funds. In September, the monetary authorities in Moscow began creating a mechanism for worldwide cryptocurrency settlements. A report just lately revealed that Russia and Cuba, each below sanctions, are already discussing the matter.

Tags on this story

banks, Blockchain, blockchain know-how, cross-border funds, Crypto, crypto funds, Cryptocurrencies, Cryptocurrency, Digital Currencies, Digital Currency, Distributed Ledgers, worldwide settlements, restrictions, Russia, russian, Sanctions, Ukraine, War

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Shag 7799 / Shutterstock.com

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