Russian President Vladimir Putin is reportedly calling for a global funds system primarily based on distributed ledger know-how.
In response to the Russian state-owned information company TASS, Putin says {that a} blockchain-based worldwide funds system is way more appropriate in at the moment’s world.
“It’s attainable to create a brand new system of worldwide funds primarily based on digital forex applied sciences and distributed registries, way more handy, however on the similar time fully secure for members and impartial of banks and third-party interference.”
Putin additionally criticizes the present state of worldwide funds, saying that the system is ruled by a handful of private and non-private entities.
“Within the situations of the present illegitimate restrictions, settlements are one of many assault traces. The present worldwide cost system is dear, and its correspondent account system and regulation are managed by a small group of states and monetary corporations.”
The report doesn’t embrace further particulars about Putin’s plans for a global cost system primarily based on a distributed ledger.
Putin’s statements come after the European Union (EU) launched one other spherical of sanctions on Russia final month for its continued navy aggression towards Ukraine. The EU tightened its sanctions towards the Russian authorities by banning all cryptocurrency pockets and custody companies. The ban got here simply weeks after the Ministry of Finance and the Financial institution of Russia acknowledged it was essential to quickly allow cross-border crypto funds.
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