banks, blockchain, blockchain technology, cross-border payments, crypto, crypto payments, cryptocurrencies, cryptocurrency, digital currencies, digital currency, distributed ledgers, international settlements, restrictions, russia, russian, sanctions, ukraine

Russian President Vladimir Putin believes a new system for international money transfers is needed to reduce dependence on big banks and third parties. He is convinced that cross-border payments relying on digital currency and distributed ledger technology will be “much more convenient.”

Russia’s Head of State Urges for Blockchain-Powered International Payments

President of Russia Vladimir Putin has called for the establishment of a new system for international settlements, independent from banks and third-party interference. It can be created using digital currency technologies and distributed ledgers, the Russian leader said, quoted by local media.

Putin was speaking during a conference devoted to artificial intelligence and organized by Russia’s largest lender, Sberbank. During his address, he emphasized that financial flows and payments between nations are currently under threat amid tense relations between Russia and the West.

“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 elaborated.

Vladimir Putin was referring to the sanctions imposed on the Russian Federation over its invasion of neighboring Ukraine which have severely limited its access to global finances and markets. According to a report by the Prime news agency, he also pointed out:

Today, the system of international payments is expensive, with correspondent accounts and regulation controlled by a small club of states and financial groups.

“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 explained, also quoted by the crypto news outlets RBC Crypto and Bits.media.

Russia has been mulling over comprehensive crypto regulations in the past months, with increasing support for the legalization of cross-border crypto payments. In September, the financial authorities in Moscow started developing a mechanism for international cryptocurrency settlements. A report recently revealed that Russia and Cuba, both under sanctions, are already discussing the matter.

TECH NEWS RELATED

The Stablecoin Economy Shed $28 Billion in 2022 After a Handful of Tokens Lost Their $1 Peg

2022 has been an interesting year for stablecoin assets as the market capitalization of the entire stablecoin economy lost just over $28 billion in value. Moreover, more than $3 billion has been erased from the stablecoin economy during the last 23 days as BUSD shed roughly 23.3% during the ...

View more: The Stablecoin Economy Shed $28 Billion in 2022 After a Handful of Tokens Lost Their $1 Peg

Argentine Senate Mulls Crypto Advertisement Regulation

The Argentine senate is discussing a preliminary project that would regulate the way in which individuals and organizations promote crypto. The objective of the project, which is still under discussion, would be to educate consumers on the dangers of investing in crypto and also to protect them from investing ...

View more: Argentine Senate Mulls Crypto Advertisement Regulation

Japanese Gaming Company Gumi Partners With Square Enix and SBI Holdings to Strengthen Metaverse Pivot

Gumi, a Japanese mobile gaming company, has partnered with Square Enix and SBI Holdings to build new business opportunities around the metaverse. The deal, which also includes the issuance of new stock valued at $52.7 million dollars, will allow the company to acquire financial and content creation experience. Gumi ...

View more: Japanese Gaming Company Gumi Partners With Square Enix and SBI Holdings to Strengthen Metaverse Pivot

Venezuelan Banks Have Blocked Over 75 Accounts Since the End of Last Year Due to Cryptocurrency-Related Activities

Venezuelan Banks have started eyeing the accounts of customers with ties to cryptocurrency trading, principally related to peer-to-peer (P2P) transaction activity. According to Legalrocks, a crypto and blockchain-focused legal firm in Venezuela, more than 75 accounts have been blocked by Venezuelan private banks for facilitating crypto-to-fiat and fiat-to-crypto conversions ...

View more: Venezuelan Banks Have Blocked Over 75 Accounts Since the End of Last Year Due to Cryptocurrency-Related Activities

FBI Renews Warning About Pig Butchering Crypto Scam Sweeping the Country

The Federal Bureau of Investigation (FBI) has reiterated its warning about a very popular crypto investment scam called “pig butchering” that is sweeping across the U.S. “Be very careful when you go on social media and dating apps and somebody starts developing a relationship with you,” cautioned an FBI ...

View more: FBI Renews Warning About Pig Butchering Crypto Scam Sweeping the Country

Philippine Regulator Warns Against Using Unlicensed Cryptocurrency Exchanges Following FTX Collapse

The Philippine Securities and Exchange Commission (SEC) has advised investors against transacting with unlicensed cryptocurrency exchanges. The warning followed the collapse of crypto exchange FTX which “left hundreds of thousands, even millions of unsecured creditors with little to no recourse in recovering their money,” the regulator stressed. Philippine SEC ...

View more: Philippine Regulator Warns Against Using Unlicensed Cryptocurrency Exchanges Following FTX Collapse

Robert Kiyosaki Warns Last Chance to Buy Gold and Silver at Low Prices — Says Stock Market Crash Will Send Them Higher

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says now may be the last chance to buy gold and silver at low prices. “Inflation moving up. Interest rates moving up. Stock market to crash sending gold and silver higher,” Kiyosaki described. Robert Kiyosaki Expects ...

View more: Robert Kiyosaki Warns Last Chance to Buy Gold and Silver at Low Prices — Says Stock Market Crash Will Send Them Higher

Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading

Bitcoin miner Argo Blockchain announced that it requested the suspension of trading its company shares on Dec. 27, as the company expects to make an announcement on Wednesday, Dec. 28, 2022. The company’s stock has lost 96.34% year-to-date and on Dec. 12, the bitcoin miner “advanced negotiations with a ...

View more: Publicly-Listed Bitcoin Miner Argo Blockchain Suspends Nasdaq Trading

Report: Nigerian Security Agency Seeks to Arrest Central Bank Governor on Charges of Funding Terrorists

Crypto Supporters Sift Through the Graveyard of Technical Indicators That Failed to Predict Bitcoin’s Bottom

'Oil Prices North of $200' per Barrel — Investor Expects Oil to 'Crush' Every Investment in 2023

Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack

More Than $19 Billion in BTC, ETH, Stablecoins Left Exchanges Since the Onset of FTX’s Collapse

Argentine Soccer Association AFA Partners With Upland to Enter the Metaverse

Blockchain Based Climate Tech Startup YES WORLD Reaches 100k Holders Mark, Holders Doubled in 2 Months

Report: R&B Artist Akon Denies Claims His Crypto City Dream Is Crumbling

Santa Launches Its Rewarded Browser This Christmas to Bring in the Next 200M Users Onto Web3

Indian Crypto Market Suffers Significantly — Experts Say Trading Volumes Unlikely to Recover Anytime Soon

Banking Giant HSBC Files Trademarks for a Wide Range of Digital Currency and Metaverse Products

2 NFT Projects Plan to Transition From Solana to Alternative Blockchains

OTHER TECH NEWS

Top Car News Car News