Russia’s President Vladimir Putin, shares the necessity for a new digital payment system for international settlements. The new payment system is said to be independent of third-party involvement and banks.
The details were revealed by local media outlets. As mentioned, the new digital payment system can be curated using distributed ledgers and digital currency technology.
Putin, shared the news while speaking at an artificial intelligence conference hosted by Sberbank. Gas prices have officially fallen below the levels they were at before Putin invaded Ukraine, falling 2.5 cents per gallon.
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“International settlements” = central banks mostly trading currencies. It’s a trillion dollar market, Bitcoin and Ethereum blockchain can’t really handle this. Russia & Co could build a better blockchain, however. And if they all create digital currencies it could succeed theoretically. Currency only has value if anyone wants to use it and it can be traded for other currencies.
Putin, emphasized the Need For New International Payment System Based on Digital Currency Technologies, He however criticized the monopoly in global financial payment systems and dependence on big banks.
The President gave the nod to the hawala remittance system, which works in parallel to the banking system. He believes that digital currency and distributed ledger technology will make cross-border payments “much more convenient.”
Putin’s comments at a Sberbank AI conference are a victory for the pro-crypto Finance Ministry figures. It could also place Putin on a collision course with the Central Bank chief Elvira Nabiullina who opposes Crypto and almost resigned over the war.
German Gref, noted that the country’s- business tech community is providing an excellent example of self-organisation. An alliance of companies has been established in artificial intelligence, Ethical principles for the development and introduction of this technology have been drafted at its initiative. Over 120 participants have already joined this Code of Ethics.
Vladimir Putin: There, two years ago. I am pleased to note that this alliance is working. I will mention several times in my speech how well it is working. We took a very important step towards creating the right atmosphere. I consider you, my colleagues, reliable and effective partners of the state on technological development issues. I am confident it will be so in the future as well. Owing to our joint work, we are making rapid progress in all areas of the National Strategy for the Development of Artificial Intelligence, supporting education and science, introducing measures to support companies, and adjusting legal regulation. These efforts are producing practical, tangible results.
Vladimir Putin succinctly said; Businesses should not incur large costs in the process of introducing innovations. To avoid this, starting from January 1, 2023, businesses buying and deploying Russian-made solutions, including AI-enabled ones, can take advantage of tax incentives and direct additional funds to technological upgrades. For example, an amount 50 percent greater than the company actually spent on advanced Russian systems will be excluded from its income tax base.