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 system is clearly becoming obsolete from a technological perspective. It has remained so complacent for so long and has become used to its monopoly and exceptionalist nature and that there were no alternatives that it has grown used to keeping everything as it is. This made it obsolete, or at least it is about to become archaic and obsolete.

“What we want is to create a new model, a truly democratic model where honest competition between all economic players will dominate. This change in the global economic landscape and the rise of new leaders are an objective and to a large degree predictable process,” Putin added.

“As far as international transactions are concerned, we are increasingly converting to advanced solutions, including those involving blockchain and digital currencies through central banks,” the Russian president continued, elaborating:

According to analysts, this will pave the way for revolutionary shifts that will deprive the major Western banks of their monopoly. We see that these lenders are not in their best shape, at least some of them.

What do you think about the statements by Russian President Vladimir Putin? Let us know in the comments section below.

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