Putin said it’s too early to talk about using cryptocurrencies for oil transactions

Russian President Vladimir Putin believes that the use of cryptocurrencies to settle transactions in oil and other energy resources is “too early”.

After the plenary meeting of the Russian Energy Week Forum, the Russian President discussed the potential use cases of cryptocurrency in a CNBC interview on Thursday.

According to the full interview text Publish On the Kremlin’s official website, Putin stated that private cryptocurrencies “can act as a unit of account” but are “very unstable”.

“Cryptocurrency oil contract? It is too early to talk about it. It applies to the transfer of funds from one place to another, but in terms of transactions, especially in terms of energy resources, it is too early in my opinion. “The President said.

Putin went on to say that “everything is evolving” and “has a right to exist”, adding that the Russian government is paying close attention to the cryptocurrency market. He also does not rule out the possibility that cryptocurrency will become a “means of accumulation” at some point. “We see how his market fluctuates. It’s a bit early today,” Putin added.

The President stated that cryptocurrencies “have not received any support”. When asked whether he thought the cryptocurrency held by Tesla CEO Elon Musk was “worthless,” Putin said no and explained that he was only questioning crypto as a bookkeeping in the context of energy trading. unit.

related: Russian Deputy Finance Minister stated that Russia does not intend to follow in China’s footsteps by completely banning cryptocurrencies

In the interview, the Russian President also claimed that the U.S. dollar “weakened its status as an international reserve asset.” “We are not interested in completely cutting off U.S. dollar payments. So far, we are satisfied with U.S. dollar payments for energy resources, mainly oil,” he added.

The news comes as the Russian authorities are considering enacting a new law Restrict cryptocurrency investment by non-accredited investors. Previously, it was reported that the Central Bank of Russia Plans to slow down the trading speed of cryptocurrency exchanges To protect retail investors from the influence of “emotional” purchases of cryptocurrencies.