Ahmed Ali Russian President Vladimir Putin has expressed his perspective on the Western financial system, characterizing it as “clearly becoming obsolete.” He made these remarks during the plenary session of the “Russia Calling” forum in Moscow. Putin observed that the Western financial infrastructure, which has been in place for decades, is predominantly dominated by the dollar and the euro, relying on transactions through Western banks and SWIFT.
Putin pointed out that there is a significant shift underway toward transactions conducted in national currencies, albeit a work in progress. He highlighted the technological obsolescence of the Western financial system, attributing it to complacency and an enduring monopoly mentality. He emphasized the need to create a new, genuinely democratic model that fosters honest competition among all economic participants. Putin regarded this transformation in the global economic landscape, along with the emergence of new leaders, as an objective and largely foreseeable process.
Furthermore, Putin elaborated on the transition to advanced solutions in international transactions, which includes the utilization of blockchain technology and central bank digital currencies (CBDCs). Analysts predict that these developments will lead to revolutionary changes that could erode the dominance of major Western banks, which are currently facing challenges.
In summary, President Putin’s statements underscore the evolving landscape of the Western financial system and the potential for significant changes driven by emerging technologies and shifts in global economic dynamics. These remarks reflect a broader discussion on the future of finance and its implications for major Western banks.
Table Of Contents
Frequently Asked Questions (FAQs) about Financial System Evolution
What did Russian President Putin say about the Western financial system?
Russian President Putin described the Western financial system as “clearly becoming obsolete.” He emphasized its reliance on the dollar and the euro, controlled by Western banks and SWIFT.
What does Putin envision for the future of the financial system?
Putin envisions a new, democratic model with honest competition among economic players. He sees this as a necessary shift away from the Western financial system’s complacency and monopoly.
How does Putin suggest the financial system can evolve?
Putin believes that the adoption of advanced solutions, including blockchain and central bank digital currencies (CBDCs), will pave the way for revolutionary changes. These changes could potentially challenge the dominance of major Western banks.
What are the potential implications of Putin’s statements?
Putin’s statements raise questions about the future of major Western banks and the role of emerging technologies in reshaping the global financial landscape. It also prompts discussions on the need for innovation and competition in the financial sector.
More about Financial System Evolution
- Russia Calling Forum
- SWIFT
- Central Bank Digital Currencies (CBDCs)
- Blockchain Technology
- Future of Western Banks
2 comments
interesting, putin wants new, democratic model for finance. thinks western system complacent. good or bad idea?
wow, didn’t expect putin to talk about finance. he say tech change coming. big banks worried?