Vladimir Putin, President of Russia, has declared that in light of the restrictions and sanctions imposed on his country, a new, neutral global agreement mechanism is needed.
According to President Putin, the new apparatus will be independent of banks and outside interference. He suggested creating a system based entirely on virtual currency and blockchain technology.
The president said this at a conference on artificial intelligence, which was organized by Sberbank. In his speech, Putin stated that strained relations between Russia and the great Western powers endangered global settlements.
According to Putin, “It is possible to develop a completely new system of global invoicing based entirely on virtual foreign money technology and custom registers, much more convenient, but at the same time completely safe for individuals and independent of banks and third-party interference.”
Putin claims the current system is expensive.
Similarly, the president called the current worldwide shipping method extravagant. Putin claimed that the huge cost of the global agreement was the fault of the economic organizations responsible for it.
Putin emphasized the fact that international settlements are really an aggressive factor while referring to the West’s sanctions against Russia as illegal regulations. Because they are exposed to these technologies, “our economic institutions understand this better than anyone else.”
Russia uses cryptocurrency to circumvent sanctions
After its invasion of Ukraine in March, the Bank for International Settlements banned Russia from using its services.
Russia has now launched a number of pro-crypto movements and attempts to boycott coercive sanctions. In addition, the United States has expanded its support for international crypto payments.
On November 24, BeinCrypto reported that Russia had begun work on a law creating a national cryptocurrency exchange. Additionally, the US Congress has been working on a bill that would allow virtual currency mining in Russia.
Iran is similar to every other country that has tried to evade Western sanctions using cryptocurrencies. In August, the United States of Asia completed an import order of $10 million paid in cryptocurrency.