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<div class="cryptonews">
 <p class="is-style-lead">Russian president has once again highlighted the importance of an international payment system independent of interference.</p>
 <p>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.</p>
 <p>Meeting with finalists of the International Financial Security Olympiad, the Russian leader said that advanced solutions in the <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> sector such as digital currencies, tokenized assets and payment methods on blockchain technology allow open new ways for a “truly unique <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> settlement system.”</p>
 <p>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 CBDCs, without naming the case.</p>
 <blockquote class="wp-block-quote">
  <p>“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.”</p>
  <p>Vladimir Putin</p>
 </blockquote>
 <p>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.</p>
 <p>As crypto.news reported, the platform issued more than $12 million in digital currencies, enabling more than 160 transactions totaling more than $22 million.</p>
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 <p>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 appeared to be out of the Kremlin’s reach.</p>
 <p>Putin’s statement comes less than a week after Russian Prime Minister Mikhail Mishustin announced the country is developing a blockchain-based system for international settlements using digital <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> assets (DFA), which are Russian tokenized versions of traditional <a rel="noopener noreferrer nofollow" title="financial" href="https://thebittimes.com/tag/financial.html">financial</a> instruments.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/russia-s-putin-praises-cbdcs-to-reduce-reliance-on-western-financial-network-tbt65243.html">https://thebittimes.com/russia-s-putin-praises-cbdcs-to-reduce-reliance-on-western-financial-network-tbt65243.html</a></p>

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

TheBitTimes

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