Russia’s Putin says crypto has ‘value’ — but maybe not for trading oil

Russian President Vladimir Putin delivers a speech through the Russian Power Week occasion on October 13, 2021 in Moscow, Russia.

Mikhail Svetlov | Getty Photos

Russian President Vladimir Putin thinks cryptocurrencies have worth — however he isn’t satisfied they will exchange the U.S. greenback in settling oil trades.

Some months in the past, Russia’s deputy prime minister, Alexander Novak, recommended the nation might transfer away from greenback-denominated crude contracts if the U.S. continues to impose focused financial sanctions.

Requested whether or not bitcoin or one other cryptocurrency could possibly be used as a substitute for the greenback, Putin mentioned it is “too early to speak concerning the commerce of power sources in crypto.”

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“I consider that it has worth,” he advised CNBC’s Hadley Gamble on the Russian Power Week occasion in Moscow Wednesday. “However I do not consider it may be used within the oil commerce.”

“Cryptocurrency just isn’t supported by something as of but,” Putin mentioned. “It might exist as a way of cost, however I feel it is too early to say concerning the oil commerce in cryptocurrency.”

The Russian chief additionally flagged cryptocurrencies’ large consumption of power as a possible barrier to their use. Bitcoin requires a number of computing energy to course of transactions and mint new tokens.

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