Putin Embraces Digital Currency as International Payment System

Putin Embraces Digital Currency as International Payment System

• Russian President Vladimir Putin plans for a digital international payment system.
• Putin claims the current system is dominated by a group of nations and financial firms.
• Russia is taking pro-crypto steps amid the wave of sanctions imposed by the West.

Russian President Vladimir Putin shares the necessity for a new digital payment system for international settlements free of western intervention. According to President Putin, global financial institutions should reflect multipolar world reality and be founded on open democratic principles.

In detail, according to a Russian-based news agency, President Putin took part in the International AI and machine learning conference named ‘Artificial Intelligence Journey 2022’ in Moscow. The discussion mainly focused on AI-based technologies for economic development.

The address also mentioned that global financial institutions should reflect the realities of the multipolar world and be based on open democratic principles. The president further stated that:

In the conditions of the current illegitimate restrictions, settlements are one of the attack lines,” Putin said. “The current international payment system is expensive, and its correspondent account system and regulation are controlled by a small group of states and financial companies

Furthermore, in the midst of sanctions and restrictions imposed on his country, Russian President Vladimir Putin stressed on the necessity for a new and independent international settlement system. President ensured that the new system will be free of banks and third-party intervention.

The digital currency Putin stated in his address that international settlements are now under threat due to Russia’s strained ties with the Western giants.

According to the President, Sberbank, a Russian state-owned banking and financial services company headquartered in Moscow, was among the first to implement artificial intelligence broadly.

Putin commended the bank’s efforts and claimed Sberbank’s AI-enabled solutions contributed to increasing the convenience and quality of services supplied to individuals and corporate clients, as well as enterprises.

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