The 69 year old president of Russia’s Federation, Vladimir Putin, said it is too early to talk about the use of bitcoin or crypto in payments for commodity contracts.
Asked a leading question by Hadley Gamble of CNBC on whether a potential shift for contracts for the supply of oil away from dollars means crypto, “when do you think this can happen?” – Putin said:
“Cryptocurrency contracts? It’s too early to talk about this, because cryptocurrency, of course, can be a unit of account, but it is very unstable. In order to transfer funds from one place to another – yes, but to trade, let alone trade in energy resources, in my opinion, is still premature.
The cryptocurrency is not backed by anything yet. It exists and as a means of calculation can be used, of course, yes, but trading in oil, say, or other primary materials and energy sources – still, it seems to me, it’s too early to talk about this yet.