During his participation in the plenary session of the VTB bank investment forum, held in Moscow, Russian President Vladimir Putin said that blockchains and CBDCs (central bank digital currencies) will undermine the monopoly of Western banks.

Putin uttered these words in a speech in which he talked about how blockchains are being used to make international payments.

For the president, technologies dominated by the West are becoming obsolete. He also warned that several large financial institutions in the United States are currently "not in the best conditions," although he did not offer further information on the matter.

He added that by virtue of the advancement of these new technologies, it is anticipated that the U.S. dollar will cease to be the primary currency and payment method for cross-border transactions. "Many other new technologies have emerged and the BRICS will adapt to the changes," he said.

Among the payment alternatives, Putin mentioned one that the BRICS bloc is working on. This is a new payments infrastructure that seeks to take on the U.S. dollar.

The new platform would work with a payment mechanism equipped with "state-of-the-art" technology for a smooth transfer of funds, the Russian president revealed.

The new system could be discussed at the next BRICS summit in Russia in 2024. With this initiative, Putin assures that they are ushering in an era that will replace the traditional financial system with a new world order.