Russian President Vladimir Putin has hinted at developing a system for global payments based on blockchain technology and cryptocurrencies. During the Sberbank-organized conference – The Artificial Intelligence Journey 2022 International AI and machine learning – Putin spoke in length about the matter.

‘‘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 opined, possibly referring to the sanctions imposed on his country since Russia invaded Ukraine.

Following the conflict, the global banking messaging network SWIFT removed major Russian financial players, restricting their international payments. Although Putin did not elaborate on what his concept of the blockchain system would look like, he slammed the current financial systems, saying they were “controlled by a narrow club of states and financial groups.”