Vladimir Putin on crypto and Bitcoin: “It’s still early”

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.

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