Vladimir Putin calls for adoption of cryptocurrency

Speaking at an economic conference organized by a Russian bank, Russian President Vladimir Putin strongly criticized the control of the global financial system by Western states. On this occasion, he called for the adoption of a financial system based on blockchain. This speech comes at a time when Russia is under sanctions because of its war with Ukraine.

The current financial system is expensive and under control

Sberbank, Russia’s largest bank, held a conference in Moscow on November 24 dedicated to the practical industrial applications of artificial intelligence. During this public event, President Vladimir Putin strongly criticized the current financial system. In his speech, Vladimir Putin decried the fact that the global financial system is expensive and controlled by certain states and banks.

The current system of international settlements is expensive, and its system of correspondent accounts and regulation is controlled by a small club of states and financial groups. In reality, they act as masters of the universe and have monopolized control over everything.

Vladimir Putin, President of Russia

In addition, the Russian president advocated for financial institutions based on open and democratic principles that exclude diktats, abuse and monopoly. For this fact, there is no better than the crypto believes Putin.

Crypto as an alternative to the current financial system

Faced with the control of the current financial system by Western states and banks, Vladimir Putin believes that blockchain technology and cryptocurrencies are an alternative. For him, the fact that cryptocurrencies do not depend on banks and states is a major asset.

Cryptocurrency and blockchain technology can be used to create a new system of international settlements that will be much more convenient, secure for its users and, most importantly, will not depend on banks or interference from third countries. I am convinced that something like this will certainly be created and develop because no one likes diktats that harm all parties, including those who establish them.

Vladimir Putin, President of Russia

Vladimir Putin’s brutal governance may be undemocratic and decried by many, but his point about the control of the current financial system by states and banks is true. As Nayib Bukele recently reminded us, this increased control of the financial system proliferates abuses of power and lies. Thanks to its decentralization and technological strengths, cryptocurrency can be a bulwark against the powerful.