Putin backs Crypto in an A. I Conference and says present payment systems are costly

Russian President Vladimir Putin recently made a statement at a Sberbank-organized artificial intelligence conference. In his address, Putin revealed that international settlements are now endangered following the tense relations between Russia and the Western superpowers.

Russian President at A.I Conference

Putin stated that it was possible to make a new system of international payments based on digital currency technologies and distributed registries, much more suitable, but at the same time completely secure for participants and independent of banks and third-party interference.

Putin thinks the Current System is Costly

The Russian President described the existing international payment method as expensive. He said that financial groups regulating the international settlement are to blame for its high cost.

While defining the West’s sanction on Russia as unlawful restrictions, Putin remarked that international settlements are now a point of attack. And our financial institutions know this better than anyone as they are exposed to these practices.

Russia Crypto and Sanctions

In March, the Bank for International Settlements stopped Russia from utilizing its services following its invasion of Ukraine.

Since then, Russia has made many pro-crypto moves and attempts at boycotting the inflicted sanctions. The country has also boosted its support for legalizing cross-border crypto payments.

In addition, Russia is working on a law establishing a national cryptocurrency exchange. The country’s legislators were also working on a draft that legalized digital currency mining in the country.

NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFTs

Share This Post

Related Posts

Xbox CEO says they are “cautious” about Play to Earn

Phil Spencer, the head of Microsoft’s Xbox gaming company...

Pacman Frog (PAC) Coin: An Alternative to ApeCoin & SAND?

The GameFi and NFT industry of cryptocurrencies are roaring right now....

Charli XCX To Perform in Roblox Metaverse Concert

Charli XCX and Samsung Partnership The “Break the Rules” singer...

Pepsi & Carla Offering Free NFTs For New Campaign

Pepsi teamed up with American singer and songwriter Mary...