December 4, 2023

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The president of Russia, Vladimir Putin, has recently issued a statement that calls for international payment systems. According to him, the payment system should be based on blockchain technology.

It is important to note that Russian legislators are already working on creating local cryptocurrency exchanges. On the other hand, Russia has been blocked out of the SWIFT payment systems on account of its war with Ukraine.

As per the latest statement issued by Putin, blockchain-based banks and payment systems would be independent of bank and third-party intrusion.

He has proposed that the developers should work on creating a payment network that is based on blockchain technology and uses cryptocurrencies for making payments.

At present, Russia is trying to safeguard the value of its legal tender Ruble, by making it a mandatory mode of payment for all oil purchases.

Meanwhile, European countries are heavily dependent on oil purchases from Russia. The Russian president was recently speaking at an AI conference organized by Sberbank.

During his speech, Putin exclaimed that Russia was facing major difficulties in settling its international accounts on account of financial exclusion. He further adds that Russia is feeling threatened financially on account of its tense relationship with the western bloc.

At the same time, he talks about the benefit of a blockchain network that is safe for participation and based on the principles of greater inclusion and independence from centralized banking networks.

Limitations of the Existing Banking System

As to Putin, the current international payment system is expensive, and he also talks about how it is under the control of a few financial groups. Thus far, Russia has undertaken several pro-crypto moves. It has also legalized cross-border payments with cryptocurrencies.

Also Read:  World Economic Forum Says Blockchain and Cryptocurrencies are Going to Prevail in the Future

Another Asian country, Iran, has also adopted cryptocurrencies to circumvent the financial restrictions imposed by the West.

According to media reports, Iran has recently crossed the landmark of a $10 million order payment using DeFi networks. It is important to note that USA and Iran have had a tense relationship on account of their nuclear power stance.

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