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Russian Putin says cryptocurrencies have “value”, but may not be suitable for oil trading

Russian President Vladimir Putin will give a speech at the Russian Energy Week event held in Moscow, Russia on October 13, 2021.

Mikhail Arkadyv | Getty Images

President of Russia Vladimir Putin I think cryptocurrencies are valuable, but I’m not sure they can replace the US dollar in the settlement of oil transactions.

A few months ago, Russia’s Deputy Prime Minister Alexander Novak proposed the country May move away from greenback oil contracts If the United States continues to impose targeted economic sanctions.

Asked if Bitcoin or another cryptocurrency could be used instead of the dollar, Putin said, “It’s too early to talk about trading energy resources in cryptocurrencies.”

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“I believe it’s worth it,” he told CNBC’s Hadley Gambling at the Russian Energy Week event in Moscow on Wednesday. “But I don’t think it can be used in the oil trade.”

“Cryptocurrencies are not yet supported by anything,” Putin said. “It may exist as a means of payment, but I think it’s too early to talk about cryptocurrency oil trading.”

Russian leaders have also flagged the massive energy consumption of cryptocurrencies as a potential barrier to their use. Bitcoin requires a lot of computing power to process transactions and create new tokens.

Russian Putin says cryptocurrencies have “value”, but may not be suitable for oil trading

Source link Russian Putin says cryptocurrencies have “value”, but may not be suitable for oil trading

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