Russian President Vladimir Putin, at the International AI Journey Conference in Moscow, criticized Western sanctions and urged for a system "independent of external interference."
What Happened: Putin called for an independent and blockchain-based settlement network as he criticized the U.S. and its allies’ monopoly in global financial payment systems.
"The technology of digital currencies and blockchains can be used to create a new system of international settlements that will be much more convenient, absolutely safe for its users and, most importantly, will not depend on banks or interference by third countries," Putin said at an event organized by Sberbank, the largest Russian bank and a major lender to the government.
"I am confident that something like this will certainly be created and will develop because nobody likes the dictate of monopolists, which is harming all parties, including the monopolists themselves," he added.
Putin also called the sanctions imposed by countries on Russia "illegitimate restrictions" and noted that global payments and nations are at risk due to increased tensions of Ukraine's invasion.
"The existing system of international payments is expensive, the system of its correspondent accounts and regulation are controlled by a narrow club of states and financial groups," the Russian president said.
Meanwhile, the local media also reported that lawmakers have been in discussions for amendments to the existing cryptocurrency legislation and are planning to lay down a legal framework for a national exchange.
On Nov. 17, Russia also introduced a bill legalizing cryptocurrency mining and the sale of the cryptocurrency mined.
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