Vladimir Putin vouches for blockchain-backed global payment network

Last Thursday, Russian President Vladimir Putin suggested creating a global payment system that is ‘independent of external meddling.’

Russian President is ecstatic about this new venture

Vladimir Putin gave a speech at the International AI Journey Conference in Moscow recently. He emphasized the advantages of implementing a worldwide payment system based on blockchain technology. Additionally, he commended Russia, saying that they are “one step ahead” of many other nations in the field of artificial intelligence.

Sberbank was the convention’s host. It is the biggest bank in Russia and a significant government creditor. During the occasion, the President said that he is confident that something similar will undoubtedly be generated and will advance because nobody likes the rule of monopolists, which is harmful to all factions, including the monopolists themselves. 

“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 continued.

President Putin argues that international financial institutions ought to be based on open democratic ideals and reflect the conditions of the multi-polar world.

Desperate times for the country have called for desperate measures

During his speech, the Russian head stressed that financial flows and transactions between nations are presently threatened due to Russia-West hostilities. The President was referring to the penalties imposed on Russia for its invasion of neighboring Ukraine.

The United States and several members of the international community enacted several financial penalties against Russia when the conflict between Russia and Ukraine erupted. He claimed that these restrictions had significantly hampered the Russian Federation’s access to international markets and financing.

Putin received a clear warning from the West through its measures, spearheaded mainly by the US: “If you don’t play ball, we’ll take your things and stop you from trading with most of the world.” There is no doubt that Putin understood the message.

Putin believes that settlements are one of the attack lines under the circumstances of the existing unlawful constraints.  

“The current system of international payments is expensive, and a select number of nations and financial institutions dominate its regulation and correspondent account system,” he added.

Putin believes AI has vast potential

The president did not elaborate on the idea of a blockchain-based payment system. However, he thinks that the field of artificial intelligence needs urgent innovation. He also discussed the significance of creating a cloud infrastructure that can serve the demands of the entire nation. Interestingly, local media had just the day before reported that legislators were debating altering current cryptocurrency laws to establish a legal foundation for a nationwide exchange.