{"id":352716,"date":"2021-10-14T12:32:12","date_gmt":"2021-10-14T09:32:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/too-early-to-talk-about-using-crypto-for-oil-trading-says-putin\/"},"modified":"2021-10-14T12:32:12","modified_gmt":"2021-10-14T09:32:12","slug":"too-early-to-talk-about-using-crypto-for-oil-trading-says-putin","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/too-early-to-talk-about-using-crypto-for-oil-trading-says-putin\/","title":{"rendered":"# Too early to talk about using crypto for oil trading, says Putin"},"content":{"rendered":"

“# Too early to talk about using crypto for oil trading, says Putin <\/strong>”
\n<\/p>\n

Russian President Vladimir Putin believes that it\u2019s \u201cstill premature\u201d to use cryptocurrencies for settling trades of energy resources such as oil.<\/p>\n

The Russian president discussed potential use cases of cryptocurrencies in a Thursday CNBC interview following a plenary session of the \u200b\u200bRussian Energy Week forum.<\/p>\n

According to a full interview text published<\/a> on the Kremlin\u2019s official website, Putin said that private cryptocurrencies \u201ccan act as a unit of account,\u201d but they are \u201cvery unstable.\u201d<\/p>\n

\u201cCryptocurrency oil contracts? It\u2019s too early to talk about it. It works for transferring funds from one place to another, but in terms of trading, especially when it comes to energy resources, it is still premature in my opinion,\u201d the president stated.<\/p>\n

Putin went on to say that \u201ceverything evolves\u201d and \u201chas the right to exist,\u201d adding that the Russian government is closely monitoring the cryptocurrency market. He also did not exclude the possibility that at some point cryptocurrencies will become a \u201cmeans of accumulation.\u201d \u201cWe see how this market fluctuates. It\u2019s a bit early today,\u201d Putin added.<\/p>\n

The president said that cryptocurrencies are \u201cnot backed by anything yet.\u201d When asked whether he considers the crypto holdings by Tesla CEO Elon Musk to be \u201cworthless,\u201d Putin said no, explaining that he only questioned crypto as a unit of account in the context of energy trading.<\/p>\n

Related: <\/em><\/strong>Russia doesn\u2019t plan to follow in China\u2019s footsteps by banning crypto outright, says deputy finance minister<\/em><\/strong><\/p>\n

During the interview, the Russian president also claimed that the United States dollar \u201cundermines its position\u201d as an international reserve asset. \u201cWe aren\u2019t interested in cutting off dollar payments completely, and we are so far satisfied with payments for energy resources in dollars, primarily for oil,\u201d he added.<\/p>\n

The news<\/a> comes as Russian authorities consider a new law to\u00a0limit cryptocurrency investments by non-accredited investors. Previously, the Russian central bank was reportedly planning to slow down transactions to crypto exchanges in order to protect retail investors from \u201cemotional\u201d purchases of crypto. <\/p>\n