The Russian head of state spoke about what he sees as the potential of a possible new settlement system in the world.
Russian President Vladimir Putin took part in the main discussion of the Artificial Intelligence Journey 2022 international conference on Artificial Intelligence and Machine Learning on the theme “Artificial Intelligence Technologies for Economic Growth”. During his speech, the Russian President said that “a new system of international payments can be created on the basis of digital currency technologies and distributed registries.
Vladimir Putin described the advantages of a possible new system of international payments, mentioning that it could be more convenient and at the same time completely safe for the participants. He also noted that it is possible to build a system, “which is important, independent of banks and interference from third countries.
Recall that Russia is currently faced with the fact that sanctions imposed by the United States and its allies prevent the normal conduct of settlements on foreign markets in U.S. dollars and euros. On November 24, the Russian president noted that “today the system of international payments is expensive, the system of its correspondent accounts and regulation are under the control of a narrow club of states and financial groups.
He also stated that:
“We are all well aware that under today’s illegitimate restrictions, one of the lines of attack is settlements. And our financial institutions know this better than anyone else because they face these practices.”
Currently in the Duma. is bill on mining cryptocurrencies, which addresses issues of regulation of cryptocurrencies in general. Various proposals on the topic are expected, and some of them are already known. In particular, one of the suggestionsthat is being discussed is the creation of a country crypto exchange in Russia, where Russian miners would be able to open their digital wallets.