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.
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.
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