Russia’s Putin says cryptocurrencies have ‘value’ — but maybe not for trading oil

Russia’s Putin says cryptocurrencies have ‘value’ — but maybe not for trading oil

“I think it has value,” he told CNBC’s Hadley Gamble at the Russia Energy Week event in Moscow on Wednesday. “But I don’t think it can be used in the oil trade.”

Russian President Vladimir Putin thinks cryptocurrencies have esteem — yet he’s not persuaded they can supplant the U.S. dollar in settling oil trades. A few months ago, Russia’s deputy prime minister, Alexander Novak, proposed the nation could get away from greenback-named rough agreements if the U.S. keeps on impressive designated economic sanctions. Found out if bitcoin or one more cryptocurrency could be utilized as an alternative to the dollar, Putin said it’s “too soon to discuss the trade of energy resources in crypto.”

“The cryptocurrency is not compatible with anything as of yet,” Putin said. “It may exist as a means of payment, but I think it is too early to say about trading oil in cryptocurrencies.”

The Russian leader also pointed to the massive energy consumption of cryptocurrencies as a potential barrier to their use. Bitcoin requires a lot of computing power to process transactions and mint new tokens.

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