Blockchain technology, in Putin's estimation, is capable of providing a payment system that is independent from the "dictates of monopolists."
Vladimir Putin, the president of Russia, has made hints about the possibility of creating a worldwide payment system that is based on blockchain technology and cryptocurrencies. Putin gave a lengthy speech on the topic during a conference on artificial intelligence and machine learning that was held by Sberbank and titled The Artificial Intelligence Journey 2022 International AI and machine learning.

In his opinion, Vladimir Putin stated, "The technology of digital currencies and blockchains can be used to create a new system of international settlements that will be much more convenient, absolutely safe for its users, and, most importantly, will not depend on banks or interference by third countries." Putin may have been referring to the sanctions that have been imposed on his country ever since Russia invaded Ukraine.

Following the battle, prominent Russian financial actors were excluded from the global banking messaging network SWIFT, which restricted the country's ability to make international payments. Putin criticized the existing financial systems, claiming that they are "dominated by a restricted club of nations and financial interests." Despite the fact that he did not expand on what his vision of the blockchain system would look like, he did criticize these systems.

The Russian leader added that he is confident that "something like this" (the blockchain-based payment system) will certainly be created and will develop because "nobody likes the dictates of monopolists, which is harming all parties, including the monopolists themselves." He was referring to the sanctions that were imposed by the West.

Legislators in Russia are advocating for the creation of a "National Crypto Exchange."
The lower house of the Russian Assembly has reportedly suggested laws to promote the formation of a national cryptocurrency exchange, as stated by a report that was given to a local media house. According to reports, members of the state Duma are currently working to convince the Ministry of Finance and the Bank of Russia to accept the plan.

Sergey Altukhov, a delegate of Russia's Economic Policy Committee, recently provided commentary on the plan, saying that it was high time for Russia to implement blockchain technology. "It makes no sense to claim that cryptocurrencies do not exist; the difficulty is that they circulate in a big stream outside of government restrictions," said Sergey. "It makes no logic to suggest that cryptocurrencies do not exist."

The Russian Ministry of Finance and the Russian Central Bank have not yet made a decision about the legislative agenda in its entirety. Both of these organizations are known to have held negative opinions towards cryptocurrencies in the past, and some sources indicate that they were never involved in the State Duma's market activity.