MOSCOW (AA) – Russian President Vladimir Putin suggested on Thursday creating an international payment system “independent from external interference.”

Speaking at the International AI Journey Conference in Moscow, Putin said the system may be based on blockchain and cryptocurrency technologies.

“On the basis of digital currency technologies and distributed registries, it is possible to create a new system of international payments, which is much more convenient, but at the same time completely safe for participants and, importantly, independent of banks and interference from third countries,” he said.

Putin expressed certainty that such a system will be created as “nobody likes the dictate of monopolists, which causes real damage to everyone, including the monopolists themselves.”

He stressed that global financial institutions should “reflect the realities of a multipolar world, be based on open democratic principles, exclude dictates, abuses and monopolism.”

The Russia leader added: “The existing system of international payments is expensive, the system of its correspondent accounts and regulation are controlled by a narrow club of states and financial groups. In fact, they are the masters of life, they really, monopolistically control everything.”

Putin said there is no doubt the system will be created if advanced technologies and “millennial experience of mankind” are combined, citing the eastern hawala system, which provided mutual settlements long before the appearance of banks and is still working.