Russia To Develop A Blockchain System For International Payments by teesart

hive-167922 · @teesart · Nov 28 '22 (edited)

$10.07

Russia To Develop A Blockchain System For International Payments

Many months after invading her neighbour,  Ukraine, Russia has announced the nation will be focusing on developing a payment system free from banks and third parties, that's not as expensive and time consuming, and will be resistant to the sanctions of the West. This screams crypto and it's quite annoying how Putin finds his way around every hurdle the West brings forth.  

The plan for a cross-border means of payment free from the effects of banks, thirds parties and institutions has been on for quite a while now. Since sanctions were placed on Russia man months ago, the country has been looking for ways to stabilise her crashing economy and crypto seems to provide a lasting solution to the plague that has been ravaging the Russian economy for a while now.

![](https://images.ecency.com/DQmds6tXpkoVV2eCmVdtdw1dzn4F57KWehhHquWBNgTRto7/images.jpeg_539.jpg)
[source](https://cointelegraph.com/news/russian-president-vladimir-putin-publicly-addresses-crypto-says-practically-nothing/amp)

In a recent conference on how to better the economy of Russia and to make it free from future sanctions  Pufin had this to say; “Based on the technologies of digital currencies and distributed ledgers, it is possible to create a new system for international payments, and much more convenient, but at the same time completely safe for participants and completely independent of banks and interference from third countries,”.
[source](https://news.bitcoin.com/putin-calls-for-international-settlements-based-on-blockchain-and-digital-currencies/)

It's quite unfortunate though that villains could also turn to cryptocurrencies for answer but I think this is one of those issues with cryptos, anyone can harness its powers and use it for their own good. The tech doesn't recognise who's right or wrong, and this could be an issue. An issue in the sense that with cryptos, countries like Russia will become more fearless to sanctions and can do whatever they like. This seems like a good news for cryptocurrencies and blockchain adoptions, but I'm no exactly sure how to feel about it since this would only give Russia more power and immunity over sanctions.

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👎 nathen007

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trasto	852,018,959	8%
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