Russian President Vladimir Putin believes that the use of cryptocurrencies to trade oil resources such as oil is “still premature.”
The Russian president discussed the possible use of cryptocurrency in a CNBC interview on Thursday after the full session of the Russian Energy Week forum.
According to a full interview text Published On the Kremlin’s official website, Putin said that private cryptocurrencies could “act as a unit of account” but that they were “very volatile.”
“Cryptocurrency oil deal? It’s too early to talk about it. It works for the transfer of funds from one place to another, but in the case of trading, especially when it comes to energy resources, in my opinion it is still premature. “
Putin said “everything has evolved” and “has a right to exist”, adding that the Russian government is closely monitoring the cryptocurrency market. He also did not rule out the possibility that at some point cryptocurrencies would become a “means of saving”. “We are watching how this market fluctuates. A little early today, “Putin added.
The president said cryptocurrencies “are not yet supported by anything.” Asked if he considered Tesla CEO Elon Musk’s crypto holdings “worthless,” Putin said no, explaining that he only questioned credit as the unit of account in the context of energy trading.
Related: Russia does not plan to follow in China’s footsteps by banning crypto altogether, deputy finance minister says
During the interview, the Russian president further claimed that the US dollar “undermines its position” as an international reserve asset. “We are not interested in stopping dollar payments altogether, and we are satisfied so far with the payment of energy resources in dollars, mainly for oil,” he said.
The news comes when Russian authorities consider a new law to restrict cryptocurrency investments to non-recognized investors. Previously, Russia’s central bank had planned to slow down crypto exchange transactions to protect retail investors from “mental” purchases of crypto.
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