Priorities change in response to the occasions, and Russia’s president could also be taking discover. In a latest speech on the Artificial Intelligence Journey 2022 worldwide AI and machine studying convention, Vladimir Putin spoke of the benefits of utilizing a world cost system primarily based on blockchain expertise.

For President Putin, the first benefit can be the power to have a world funds framework uncontrolled by international powers. However, he additionally mentions that utilizing such expertise along side different developments (resembling synthetic intelligence) might make funds extra environment friendly and inexpensive.

A Blockchain-Based Swift Substitute?

President Vladimir Putin explained that the correct use of blockchain expertise might be extremely useful for customers and governments. He stated {that a} decentralized, non-monopolistic expertise will ultimately be deployed globally due to the benefits it supplies:

The expertise of digital currencies and blockchains can be utilized to create a brand new system of worldwide settlements that shall be far more handy, completely secure for its customers, and, most significantly, is not going to rely on banks or interference by third international locations. I’m assured that one thing like this can actually be created and can develop as a result of no person likes the dictate of monopolists, which is harming all events, together with the monopolists themselves.

After the battle between Russia and Ukraine, the United States and a part of the worldwide group imposed a collection of monetary sanctions in opposition to Russia. These sanctions strongly affected the nation’s means to make worldwide funds, together with the operations of Russia’s main financial institution, Sberbank, in different international locations.

The president additional asserted that the present funds system was inefficient and “controlled by a narrow club of states and financial groups.”

Putin didn’t elaborate additional on his concept of a blockchain funds system and as a substitute targeted on the necessity to innovate within the area of synthetic intelligence and develop a cloud infrastructure able to assembly the complete nation’s wants.

Russia is Slowly Embracing Crypto

Of course, a cost construction primarily based on blockchain expertise is feasible. Still, President Putin didn’t increase on the proposal, leaving apart the query of who would management the validating nodes of such a system. In the case of a permissioned blockchain community, if governments themselves management the nodes, the power to censor transactions is as imminent as it might be within the present cost system.

Russia has had a love-hate relationship with cryptocurrencies and blockchain expertise. As of at present, President Putin seems to be within the “pro-blockchain anti-crypto” camp. The holding of cryptocurrencies is allowed within the nation, however their use in funds and monetary purposes is strictly forbidden as they’re thought of actions that may imitate the character of the Ruble, infringing on the nation’s sovereignty.

However, the nation’s political stance has grow to be extra versatile not too long ago. In addition to the president’s calls to check using blockchain expertise, there are reviews that the nation is opening up to the idea of approving the launch of a nationwide cryptocurrency trade.

Also, a couple of days in the past, the Duma started discussions to legalize cryptocurrency mining and the sale of mined tokens -something Putin additionally talked about on the time.