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According to President Putin, it is too early to discuss the use of crypto for oil trading

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Russian President Vladimir Putin feels that using cryptocurrencies to settle trades in energy commodities such as oil is “quite premature”.
The president has not ruled out the prospect that crypto would become a “method of acquisition” at some point in the future.

In a Thursday CNBC interview following a plenary session of the Russian Energy Week summit, Putin highlighted potential use cases for cryptocurrency.

Putin’s opinion on Cryptocurrency oil contracts

Putin noted that private cryptocurrencies “may operate as a unit of account”. But they are “extremely unstable”, according to the entire interview transcript posted on the Kremlin’s official website.

“Cryptocurrency oil contracts?” you might wonder. It’s too early to discuss it. It works for transferring monies from one location to another, but it is still premature in terms of trading. Particularly when it comes to energy resources, in my opinion,” the president noted.

Putin continued by stating that “everything evolves” and that “everything has the right to exist”. While also stating that the Russian government is keeping a careful eye on the cryptocurrency market. He also did not rule out the idea that cryptocurrencies may become a “method of accumulation” at some time. “We keep an eye on his stock market. Putin said, “It’s a little early today.”

According to the president, “nothing supports cryptocurrencies yet”. When asked if he thinks Tesla CEO Elon Musk’s crypto holdings are “worthless,” Putin responded that he just questioned crypto as a measure of value related to energy trading.

Russia doesn’t plan tofully eliminate dollar payments

Russian President Vladimir Putin also said during the interview, that the US dollar’s standing as an international reserve asset is being “undermined.” “We are not interested in fully eliminating dollar payments, and we are now comfortable with payments in dollars for energy supplies, especially oil,” he continued.

The disclosure comes as Russian authorities consider enacting a new rule restricting non-accredited investors’ access to bitcoin. The Russian central bank was previously believed to be considering slowing transfers to crypto exchanges in order to shield regular investors from “sentimental” crypto purchases.

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