Russian President Vladimir Putin believes a new system for international money transfers is needed to reduce dependence on big banks and third parties. He is convinced that cross-border payments relying on digital currency and distributed ledger technology will be “much more convenient.”
President of Russia Vladimir Putin has called for the establishment of a new system for international settlements, independent from banks and third-party interference. It can be created using digital currency technologies and distributed ledgers, the Russian leader said, quoted by local media.
Putin was speaking during a conference devoted to artificial intelligence and organized by Russia’s largest lender, Sberbank. During his address, he emphasized that financial flows and payments between nations are currently under threat amid tense relations between Russia and the West.
“We all know very well that under today’s illegitimate restrictions, one of the lines of attack is through settlements. And our financial institutions know this better than anyone because they are exposed to these practices,” the president elaborated.
via joemiller
