New technologies are threatening the West’s archaic financial system, according to the Russian president The Western financial system is becoming outdated because of new technologies and could lose its dominant global position in the near future, Russian President Vladimir Putin said on Thursday. Addressing the VTB Investment Forum in Moscow, Putin pointed out that modern tech solutions, such as blockchain, are increasingly being used in international payments. “According to experts, in the coming years this will lead to a real revolution that will finally undermine the monopoly of large Western banks,” Putin said
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