Vladimir Putin has called for a new international payments system based on digital currencies and blockchain.
The Russia President wants to see an independent system established after the West sanctioned his country following its invasion of Ukraine.
Speaking at the International AI Journey Conference in Moscow – organised by Russia’s largest bank Sberbank – he criticised the monopoly in global financial payment systems and labelled the sanctions “illegitimate restrictions”.
“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,” he said.
“The existing system of international payments is expensive; the system of its correspondent accounts and regulation are controlled by a narrow club of states and financial groups.
“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.”
Russia is looking to launch a national crypto exchange, supported by both the Ministry of Finance and the Central Bank of Russia, which tend to disagree over crypto regulation in the country.
A new legal bill has also been introduced into the Duma – the lower house of parliament – with the aim of legalising cryptocurrency mining and the sale of cryptocurrency.