Vladimir Putin Asks for Creation of a Digital Payment System for International Settlements

Vignesh Karunanidhi
Vladimir Putin Asks for Creation of a Digital Payment System
Source: Vox

Russian President Vladimir Putin shares the necessity for a new digital payment system for international settlements. The new payment system is said to be independent of third-party involvement and banks. The details were revealed by one of the local media outlets. As mentioned, the new digital payment system can be curated using distributed ledgers and digital currency technology.

Putin shared the news while speaking at an artificial intelligence conference hosted by Sberbank.

Putin addressed the current threat between Russia and the West

The Russian president stated that international payments and financial flow between countries are in jeopardy. This is mainly due to the rising tension between the West and Russia.

“We all know very well that under today’s illegitimate restrictions, one of the lines of attack is through settlements. And our financial institutions know this better than anyone because they are exposed to these practices,” the president stated.

The sanctions that were imposed have gravely affected the country’s access to the global financial market.

“Based on the technologies of digital currencies and distributed ledgers, it is possible to create a new system for international payments, and much more convenient, but at the same time completely safe for participants and completely independent of banks and interference from third countries,” Putin stated.