GLOBAL (Commonwealth Union)_ The Russian President slammed Western sanctions and advocated for a regime “free of external meddling.”
On November 24, Russian President Vladimir Putin spoke at the International AI Journey Conference in Moscow, criticising the monopoly in global financial payment systems and calling for an independent, blockchain-based settlement network. Since then, Russia has made various pro-crypto measures as well as attempts to boycott the sanctions imposed. The country has also expressed its willingness to legalise cross-border crypto payments.
BeinCrypto revealed that Russia was working on legislation to establish a national cryptocurrency exchange. Legislators in Russia were also working on a bill that would authorise digital currency mining.
Iran is another government that has attempted to circumvent Western sanctions by using cryptocurrency. In August, the Asian country used cryptocurrency to pay for a $10 million import order.
Putin also stated that global payments and nations are at risk as a result of strained relations between Russia and the West following Ukraine’s invasion, calling country sanctions “illegitimate limitations.”
“The existing international payment system is expensive, and its correspondent account system and regulation are controlled by a small group of states and financial companies,” said Russian President Vladimir Putin.
The day before, local media claimed that politicians were in talks about amending existing cryptocurrency legislation to provide a legal basis for a national exchange. Another recent development was the introduction on Nov. 17 of a bill into Russia’s State Duma, the lower house of parliament, authorising cryptocurrency mining and the selling of the cryptocurrency mined.
The day before, local media claimed that politicians were in talks about amending existing cryptocurrency legislation to provide a legal basis for a national exchange. Another recent development was the introduction on Nov. 17 of a bill into Russia’s State Duma, the lower house of parliament, authorising cryptocurrency mining and the selling of the cryptocurrency mined.
Anatoly Aksakov, chairman of the Duma Financial Markets Committee, believes that “the passage of the law will bring this activity into the legal field, and allow for the formation of a law enforcement practise on issues related to the issuance and circulation of digital currencies,” according to Cointelegraph. Currently, cryptocurrency cannot be utilised for settlements in Russia.
