Russian President Vladimir Putin has stated that the Western financial system is “clearly becoming obsolete.” Furthermore, he said solutions involving blockchain and central bank digital currencies (CBDCs) “will pave the way for revolutionary shifts that will deprive the major Western banks of their monopoly.”
Putin on Western Financial System
Russian President Vladimir Putin shared his view about the Western financial system during the plenary session of the “Russia Calling” forum in Moscow on Thursday.
Describing the Western financial infrastructure as “decades-old” and largely controlled by the dollar and the euro, with transactions through Western banks and SWIFT, Putin stated: “Today, transactions in national currencies are effectively replacing this system. Of course, this is still a work in progress, which is obvious, but we are moving in this direction and this process is poised to gain momentum.” The Russian president emphasized:
The Western financial syste
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