Vladimir Putin approves of cryptocurrency- but not for oil trades

vladimir putin cryptocurrency

Russian President Vladimir Putin approves of cryptocurrency. In one of his statements given to a news agency, the Russian President said that cryptocurrencies have value. However, he pointed at his uncertainty regarding the use of cryptocurrency in place of USDs for oil trades.

When asked if Russia could be looking forward to using the bitcoin and cryptocurrency for oil trades replacing US dollars, Vladimir Putin said that it is- “too early to talk about the trade of energy resources in crypto.”

He gave this statement on Wednesday at the Russian Energy Week event in Moscow. He said that cryptocurrencies, for instance, bitcoins require a lot of computing and data processing for their transaction. Hence, they consume a lot of energy. So they might not be a sustainable medium.

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