Russian President Vladimir Putin criticized monopoly in world monetary cost techniques and referred to as for an impartial and blockchain-based settlement community on Nov 24, speaking on the Worldwide AI Journey Convention in Moscow. 

In the course of the occasion organized by Sberbank, the most important Russian financial institution and a serious lender to the federal government, he acknowledged:

“The know-how of digital currencies and blockchains can be utilized to create a brand new system of worldwide settlements that will probably be way more handy, completely protected for its customers and, most significantly, is not going to depend upon banks or interference by third international locations. I’m assured that one thing like this may definitely be created and can develop as a result of no one likes the dictate of monopolists, which is harming all events, together with the monopolists themselves.”

Putin additionally famous that world funds and nations are in danger as a result of tense relations between Russia and the West following Ukraine’s invasion, labeling sanctions imposed by international locations as “illegitimate restrictions”. 

“The prevailing system of worldwide funds is dear, the system of its correspondent accounts and regulation are managed by a slim membership of states and monetary teams.”, famous the Russian president.

A day earlier than, the native media reported that lawmakers have been in discussions for amendments to the present cryptocurrency laws, laying down a authorized framework for a nationwide alternate.

One other current improvement, a invoice was launched into the Russian State Duma, the decrease home of parliament, on Nov. 17 legalizing cryptocurrency mining and the sale of the cryptocurrency mined.

As reported by Cointelegraph, chairman of the Duma Monetary Markets Committee Anatoly Aksakov believes the “passage of the legislation will carry this exercise into the authorized area, and make it potential to type a legislation enforcement follow on points associated to the issuance and circulation of digital currencies.” At the moment, cryptocurrency can’t be used for settlements in Russia.