Russian President Vladimir Putin Calls for International Blockchain-Based Payments System: Report

Russian President Vladimir Putin is supposedly requiring a worldwide payments system based upon dispersed journal innovation.

According to the Russian state-owned news firm TASS, Putin states that a blockchain-based global payments system is far more ideal in today’s world.

“It is possible to produce a brand-new system of global payments based upon digital currency innovations and dispersed computer system registries, far more hassle-free, however at the very same time totally safe for individuals and independent of banks and third-party disturbance.”

Putin likewise slams the existing state of global payments, stating that the system is governed by a handful of public and personal entities.

“In the conditions of the existing invalid constraints, settlements are among the attack lines. The existing global payment system is pricey, and its reporter account system and guideline are managed by a little group of states and monetary business.”

The report does not consist of extra information about Putin’s prepare for a worldwide payment system based upon a dispersed journal.

Putin’s declarations followed the European Union (EU) presented another round of sanctions on Russia last month for its ongoing military aggressiveness versus Ukraine. The EU tightened its sanctions versus the Russian federal government by prohibiting all cryptocurrency wallet and custody services. The restriction came simply weeks after the Ministry of Financing and the Bank of Russia acknowledged it was needed to quickly allow cross-border crypto payments.

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