In light of the Western economic sanctions placed on his nation, Russian President Vladimir Putin has advocated for the creation of an international payment system based on the blockchain.

President Putin reportedly said this during the International AI Journey Conference in Moscow.

Putin lambasted the Western monopoly on international financial payment systems, including the power to impose economic penalties on other nations, during the event, which was hosted by Sberbank, the largest bank in Russia.

According to President Putin, the world needs a global, independent payment network that may be built around blockchain settlement.

In response to the imposition of monopolies, which he claimed was “harming all parties, including the monopolists themselves,” Putin asserted that he was “certain” that a blockchain-based payment system would be created.

Foreign-imposed sanctions were referred to as “illegitimate restrictions” by the Russian President, who also warned that they constituted a threat to the entire global payment system.