A new blockchain-based international payment system could soon take shape, if Russian President Vladimir Putin gets his way.
The remarks from Putin about a potential blockchain-based digital payment system were given during a conference on artificial intelligence (AI) hosted by the major Russian bank Sberbank. And according to Putin, it is the international sanctions on Russia that has brought to light the need for an alternative payment system.
The Russian president has for some time now made it clear that he is keen on developing alternatives to today’s international payments system, which he considers is controlled by the West. Following Russia’s invasion of Ukraine, Western governments cut off access to the international payments network SWIFT for a number of Russian banks, while also freezing reserve assets held overseas by the Russian central bank.
In the past, crypto use has been heavily restricted in Russia, and the government has appeared opposed to it. Most notably, the Russian central bank has taken a vehemently anti-crypto stance and resolutely refutes the idea of allowing crypto “into the Russian economy.”
(by Fredrik Vold)
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