Image Credit: RAND Corporation

Dec 11, 2023

Vladimir Putin Pushes Blockchain for Global Transactions

Putin highlights the shift to a democratic economic model, accusing Western elites of hindering progress.

Multipolar Model

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Western sanctions lead Russia to explore alternatives, discrediting traditional financial infrastructure.

Sanctions Impact

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Disconnecting from Visa and Mastercard results in a seamless transition to a national payment system.

National Payment System

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Putin asserts the increasing replacement of the dollar in international transactions, deeming the Western financial system obsolete.

Dollar's Decline

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Putin suggests advanced solutions, including blockchain and central bank digital currencies, for international transactions.

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Blockchain and CBDCs

Speculation arises as Putin hints at using bitcoin for payments, acknowledging its potential as a reserve currency.

Bitcoin Possibility

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Russia actively pursues a retail CBDC, emphasizing the nation's commitment to modernizing financial systems.

Russia's CBDC

Image Credit: Central Banking