Putin intends to build an international payment system that is 'independent of external interference
Putin also talked about the importance of developing a cloud infrastructure
Photo by Yevgeny BIYATOV / Sputnik / AFP
On Thursday, Russian President Vladimir Putin proposed establishing an international payment system that is 'independent of external interference.' Vladimir Putin discussed the benefits of using a global payment system based on blockchain technology in a recent speech on November 24 at the International AI Journey Conference in Moscow.
The event was hosted by Sberbank. It is Russia's largest bank and a major lender to the government. During the event, he stated,
"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. 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."
Global financial institutions, he believes, should reflect the realities of the multipolar world and be founded on open democratic principles. During his speech, he emphasised that financial flows and payments between nations are currently under threat due to Russia-West tensions. Vladimir Putin was referring to the sanctions imposed on Russia for its invasion of neighbouring Ukraine. These sanctions have severely limited the Russian Federation's access to global finance and markets. He said,
"In the conditions of the current illegitimate restrictions, settlements are one of the attack lines…The current international payment system is expensive, and its correspondent account system and regulation are controlled by a small group of states and financial companies."
