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Putin pushes for payments powered by blockchain

The Russian president calls for global payments based on blockchain and digital currencies.

By Finst News
• 3 min read
Putin pushes for payments powered by blockchain

The Russian president advocates for global payments based on blockchain and digital currencies.

A new system for international payments

The Russian president Vladimir Putin has spoken out for a new system for international payments. It should be supported by "digital currencies" and "distributed ledger" technology (DLT), the report continues. According to the report, Putin views such a system as "much more practical" because it reduces dependence on banks and intermediaries.

Russia Excluded from the SWIFT System

The Russian president voiced his ideas at a conference by the state bank Sberbank on the topic of artificial intelligence (AI). Here he stated that he currently sees the flow of global payments as being threatened by "tensions between Russia and the West". Putin referred to the Western sanctions imposed on the country in the wake of Russia’s invasion of Ukraine. As part of that, the EU, the UK, Canada and the US have almost entirely excluded Russia from the international SWIFT system for bank transfers.

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