It’s still early days, but cryptocurrencies can be used for settling commercial oil transactions, storing value

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Accusing the United States of undermining the greenback by printing cash and approving the inclusion, President Vladimir Putin admitted that the cryptocurrency could possibly be used for refunds, but it is too early to do so. in the oil sector. While noting that he needs support, the Russian chief expects the crypto can also be used by a worthy retailer. U.S. dollar-denominated settlements are shrinking and regions around the world are reducing their reserves of greenbacks, Russian President Vladimir Putin said in a meeting with CNBC this week. Speaking after his support for the 20th Annual Russian Energy Forum in Moscow on Wednesday, Putin condemned Washington’s monetary and comprehensive insurance policies, saying “the United States is cutting off the branch it’s sitting on.”

Cryptocurrency is legitimate, has a right to exist
Asked by CNBC’s Hadley Gamble whether or not oil contracts may or may not be denominated in foreign currencies other than the US greenback, as well as crypto, Vladimir Putin said that “it seems premature.” At the same time, the President of the Russian Federation acknowledged that, although it is currently unstable, the cryptocurrency can be used sooner or later in the regulations of the oil trade at an unspecified time.

The greenback’s status as a global reserve of foreign currency is a very aggressive benefit, the Russian head of state celebrates but warned that US authorities are undermining it by increasing sovereign debt and increasing inflation at home , while “making a big mistake” by using the greenback as an instrument of sanctions abroad. All of this results in Russia and various international locations transferring foreign money to the United States. Putin defined: “Our buyers just cannot pay us in {dollars} for the goods we ship to them. What happens next? We have no other alternative but to change the currency in our colonies.

“It’s fine for transferring funds from one place to another, but I think it would be premature to use it in trade, especially when it comes to energy resources,” said the Russian strongman, remarking that the cryptocurrency lacked support. Nonetheless, he also harassed: “It is professional and can be used in settlements, no doubt about it, but it is too early to use it to buy and sell oil or other supplies and sources. of uncooked energy. “

Vladimir Putin also spoke about the energy-intensive process of mining cryptocurrency. “To mine crypto you need a lot of energy, and for that people have to use traditional energy sources, mainly hydrocarbons,” the Russian president said in the interview, which was released by the Kremlin.

Things can change, however, and Putin is convinced that “everything has a right to exist. We’ll see how it goes from here. Maybe crypto will one day be used to store value. But we see how the market is fluctuating, so it seems too early for that now… Of course, there is value there, ”the president considered.

Putin’s latest comments come after a press release from his press secretary Dmitry Peskov in early September that Russia is still not ready to recognize bitcoin. He expressed the current position of the energy chief in Moscow after El Salvador moved to undertake the leading market-capitalization coin, BTC, as an authorized tender alongside the US greenback.

Although Russian officers have stated at numerous events that cryptocurrency will not be accepted as a form of payment – as it is considered a prohibited money substitute – the nation has moved forward with the regulation of its crypto space. This contains the adoption of related laws such as the “Digital Financial Assets” regulation. Deputy Finance Minister Alexey Moiseev recently said that Russia should not consider following in China’s footsteps and banning its residents from buying cryptocurrency.

Summary of the news:

  • It’s still early days, but cryptocurrencies can be used for settling commercial oil transactions, storing value
  • Check out all the news and articles about the latest security updates.
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