Categories: Market

Russian President Vladimir Putin Says Crypto Is Too Early to Adopt

Russian President Vladimir Putin believes it is too early to start using cryptocurrencies to process transactions in energy resources such as oil.

The Russian President discussed the possible use cases of cryptocurrencies in a CNBC interview on Thursday following the plenary session of the Russian Energy Week forum.

According to a full text of the interview published on the official Kremlin website, Putin said that private cryptocurrencies “can act as a unit of account” but that they are “very volatile”.

“Crypto Oil Contracts? It’s too early to talk about it. It works to move money from one place to another, but in terms of transactions, especially when it comes to energy resources, I think it’s too early, “said the President.

Putin went on to say that “everything develops” and “has a right to exist,” adding that the Russian government is closely monitoring the cryptocurrency market. He also did not rule out that cryptocurrencies could become a “medium of accumulation” at some point. “We see how volatile its market is. It’s still a little early today, “added Putin.

The president said that the cryptocurrency is “not yet backed by anything”. When asked whether he considered the crypto holdings of Tesla boss Elon Musk to be “worthless”, Putin said no and said that he only questioned crypto currencies as single accounts in the context of energy trading.

Related: The deputy finance minister says Russia has no plans to follow in China’s footsteps by banning cryptocurrencies entirely

During the interview, the Russian President also stated that the US dollar, as the international currency reserve, “undermines its position”. “We are not interested in stopping dollar payments entirely, and so far we are satisfied with payments for energy sources in dollars, mostly oil,” he added.

The news comes as Russian authorities are considering a new law to restrict crypto investments by unaccredited investors. Previously, the Russian central bank is said to have planned to slow down transactions for cryptocurrency exchanges in order to protect private investors from buying cryptocurrencies on an “emotional” basis.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bitcoin Spot ETF Inflows Reach $449M With BlackRock Leading

Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…

26 minutes ago

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

2 hours ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

2 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

3 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

3 hours ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

4 hours ago

This website uses cookies.