Too early to talk about using crypto for oil trading, says Putin

The Russian president has not excluded the chance that, in some unspecified time in the future, crypto will change into a “technique of accumulation.”

Too early to talk about using crypto for oil trading, says Putin

Russian President Vladimir Putin believes that it’s “nonetheless untimely” to use cryptocurrencies for settling trades of power sources equivalent to oil.

The Russian president mentioned potential use circumstances of cryptocurrencies in a Thursday CNBC interview following a plenary session of the ​​Russian Energy Week discussion board.

According to a full interview textual content revealed on the Kremlin’s official web site, Putin mentioned that personal cryptocurrencies “can act as a unit of account,” however they’re “very unstable.”

“Cryptocurrency oil contracts? It’s too early to talk about it. It works for transferring funds from one place to one other, however by way of buying and selling, particularly when it comes to power sources, it’s nonetheless untimely in my view,” the president acknowledged.

Putin went on to say that “the whole lot evolves” and “has the best to exist,” including that the Russian authorities is carefully monitoring the cryptocurrency market. He additionally didn’t exclude the chance that in some unspecified time in the future cryptocurrencies will change into a “technique of accumulation.” “We see how this market fluctuates. It’s a bit early at present,” Putin added.

The president mentioned that cryptocurrencies are “not backed by something but.” When requested whether or not he considers the crypto holdings by Tesla CEO Elon Musk to be “nugatory,” Putin mentioned no, explaining that he solely questioned crypto as a unit of account within the context of power buying and selling.

Related: Russia doesn’t plan to comply with in China’s footsteps by banning crypto outright, says deputy finance minister

During the interview, the Russian president additionally claimed that the United States greenback “undermines its place” as a global reserve asset. “We aren’t curious about chopping off greenback funds utterly, and we’re to date glad with funds for power sources in {dollars}, primarily for oil,” he added.

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The information comes as Russian authorities take into account a brand new regulation to restrict cryptocurrency investments by non-accredited traders. Previously, the Russian central financial institution was reportedly planning to decelerate transactions to crypto exchanges so as to defend retail traders from “emotional” purchases of crypto.

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