President in Russia, Vladimir Putin explained the advantages of implementing a global payment system based on blockchain technology during his speech at the international machine learning and AI conference Artificial Intelligence Journey 2022.
Therefore, President Putin has carefully created a framework for global payments that is able to create a more efficient and effective system without third parties.
He also emphasized that most parties and governments can receive various benefits through the use of blockchain technology globally even though Russia is subject to financial sanctions by the United States (US).
The sanctions are understood to have had a major impact on Russia to develop after its country was not allowed to make international payments due to its conflict with Ukraine.
Commenting further from President Putin, he will focus his full attention on the development of AI and cloud infrastructure, but refused to explain more details about the blockchain payment system.
This is because the following system requires a node that can control its validation, but if the government is responsible for the node then it is the same as traditional payments now.
However, President Putin's behavior is in fact a mistake when he is not only still in the "anti-crypto pro-blockchain" group but also forbids people to pay using crypto because it is considered a violation of national sovereignty.
Despite that, Russia is slowly starting to embrace crypto by conducting research into the use of blockchain technology and is likely to launch a national crypto exchanger.
