United

Prime

Security

Read

Russian president has once again highlighted the importance of an international payment system independent of interference.
Russia seems to be making big bets on its digital ruble as Vladimir Putin hopes the digitization would help the country evade U.S. sanctions.
Meeting with finalists of the International Financial Security Olympiad, the Russian leader <a href="http://www.kremlin.ru/events/president/news/72429" target="_blank" rel="noopener noreferrer nofollow">said</a> that advanced solutions in the financial sector such as digital currencies, tokenized assets and payment methods on blockchain technology allow open new ways for a “truly unique financial settlement system.”
While the Russian president did not elaborate on how exactly the Kremlin hopes to get away with sanctions using digital currencies, he referred to a “promising example” of a joint pilot where several central banks in Asian and Middle Eastern issued and exchanged <a href="https://crypto.news/us-congressman-pushes-bill-to-shield-privacy-in-cbdcs/" data-type="post" data-id="14194257" rel="noopener noreferrer nofollow">CBDCs</a>, without naming the case.
<blockquote class="wp-block-quote">
 “More precisely, no other country has a chance of misapplication or of interfering with payment transactions, for example, by blocking a transaction, or blocking accounts or misappropriating other people’s money or assets.”
 Vladimir Putin
</blockquote>
In mid-2022, 20 commercial banks in Hong Kong, China, the United Arab Emirates, and Thailand carried out payment and foreign exchange payment-versus-payment transactions for the benefit of their corporate clients using the customized mBridge Ledger platform and CBDCs authorized by their respective central banks.
As crypto.news <a href="https://crypto.news/bank-of-thailand-completes-a-wholesale-cbdc-pilot-program/" target="_blank" rel="noopener noreferrer nofollow">reported</a>, the platform issued more than $12 million in digital currencies, enabling more than 160 transactions totaling more than $22 million.
You might also like: <a href="https://crypto.news/binance-russia-employees-may-join-commex-following-acquisition/" rel="noopener noreferrer nofollow"> Binance Russia employees may join CommEx following acquisition </a>
While it’s unclear if Putin was referring to this pilot, the Russian government has been pro-actively calling for an international payment system based on a distributed ledger after half of Russia’s six hundred billion dollars in foreign exchange reserves <a href="https://www.atlanticcouncil.org/blogs/new-atlanticist/the-west-wont-seize-russias-reserves-any-time-soon/" target="_blank" rel="noopener noreferrer nofollow">appeared to be out</a> of the Kremlin’s reach.
Putin’s statement comes less than a week after Russian Prime Minister Mikhail Mishustin <a href="https://crypto.news/russia-building-blockchain-system-for-international-settlements/" target="_blank" rel="noopener noreferrer nofollow">announced</a> the country is developing a blockchain-based system for international settlements using digital financial assets (DFA), which are Russian tokenized versions of traditional financial instruments.
Read more: <a href="https://crypto.news/crypto-exchanges-in-estonia-and-lithuania-allegedly-helped-russians-circumvent-sanctions/" rel="noopener noreferrer nofollow"> Crypto exchanges in Estonia and Lithuania allegedly helped Russians circumvent sanctions </a>

Russia’s Putin praises CBDCs to reduce reliance on Western financial network

crypto.news

Other articles published on Oct 5, 2023

CRWD Stock (NASDAQ: CRWD) Stays on Top, Will CRWD Reach $200?

Investor Ini Bagikan Cara Dia Jadi Milyarder dari Shiba Inu

Bitcoin Falters Above $27,600 As It Reaches An Overbought Region

Pre-Event PR MEWLS23

SEC Takes Another Hit; Judge Rejects Appeal in Ripple Case

Avalanche and Everlodge Skyrocket, While Aave Faces Momentum Challenges

Join our free newsletter for daily crypto updates!