Sergey Glazyev, advisor to Russia’s president Vladimir Putin, said Russians are not sure whether their money is safe in western banks and that blockchain technology would help banks be much more transparent and be unable to apply banking blockades.
Speaking at the Blockchain Leadership Summit in Zurich on March the 9th, he further said we see constant financial bubbles and crisis in US, which might be averted with blockchain tech. We quote at some length:
“At the moment we have a very sophisticated and difficult situation in the world wide financial system. We see the financial bubbles which appear in the United States and which create uncertainty for the world wide monetary system. We see the seven year cycle of financial crises already in place. We see a lot of discussion concerning the substitution of present fiat currencies by gold, by other instruments.
Everywhere, the business community is looking for more stable and more open instruments for investments, for transactions, for reserves. The digital technologies give us opportunity to create a principally new monetary instrument.
We have discussions now in our Euroasian Economic Union about the use of digital technologies in national currencies. If you combine these technologies with monetary instruments, perhaps we shall have the principally new money.
Money which will be as good and as comfortable as the present money from one side, and from the other side, it will be impossible to steal this money, we shall see all the transactions, we shall finish all the money laundering problems.
This money will not need any kinds of currency control, so we can create an open, transparent, and efficient monetary system.
The people who keep money will see all the time, in online basis, where these money are, what they’re doing, how the companies or people that take this money use them, and it will give us much more solid basis for the financial sector as a whole.
We see that the introduction of new methods for banking control based on Basel standards creates all sorts of problems everywhere. In all major countries, because of monetary easing policies, more and more banks find themselves in a very difficult situation.
And people who keep money in banks are not sure anymore whether these money are safe or not. Unfortunately, the anti-Russian sanctions creates a huge uncertainty for the banking sector as a whole. Now nobody in our region is sure whether their money is safe in American, European or Japanese banks or not.
Those countries which are involved in anti-Russian sanctions campaign, in fact are not comfortable anymore because people don’t want to have political risks.
So the creation of digital money, especially for national currencies, will provide the opportunity to avoid any kind of confiscations, any kind of political risks, risks of fraud, or steal the money. And will help banks to have a much more transparent system, which don’t need such sophisticated mechanisms of banking control we see now in different countries.”