Russia’s Putin urges for new blockchain-based system for international settlements.
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.
“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. Today, the system of international payments is expensive, with correspondent accounts and regulation controlled by a small club of states and financial groups.
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