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You are at:Home » Putin Strengthens The Validity Of Cryptocurrency And Its Acceptance As A Medium Of Payment
Policy & Regulation

Putin Strengthens The Validity Of Cryptocurrency And Its Acceptance As A Medium Of Payment

"Cryptocurrency has the right to exist and can be used as a means of payment," states Russian President Vladimir Putin.
Ravi KumarBy Ravi KumarOctober 14, 2021Updated:October 14, 2021No Comments2 Mins Read
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Putin Strengthens The Validity Of Cryptocurrency And Its Acceptance As A Medium Of Payment
Russian President Vladimir Putin
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Russian President Vladimir Putin strengthens the validity of cryptocurrency by saying “Crypto has the right to exist and can be used as a means of payment”.

This is the second BRICS nation to make a strong remark regarding the acceptance and validity of cryptocurrencies. Last week, Brazil’s Federal Deputy Aureo Ribeiro surprised the world by making announcement on huge possibility to adopt Bitcoin.

Cryptocurrencies in the future can be used as a means of accumulation, but now it is “early” to talk about it. This was stated by Russian President Vladimir Putin in an interview with the American television channel CNBC, published on Thursday on the Kremlin‘s website.

The journalist of the TV channel Headley Gamble asked Putin about when the settlements for contracts for the supply of oil will be carried out not in dollars, but, for example, in cryptocurrency. In turn, the president stressed that cryptocurrency can be a mode of payment, but it is very unstable and has not yet been backed by anything.

“Contracts in cryptocurrency? It’s too early to talk about this. Because cryptocurrencies, of course, can be used to transfer funds from one place to another. Yes, but to trade, especially to trade in energy resources, in my opinion, it is still premature.”

At the same time, the Russian President stressed that everything is developing, everything has a right to exist.

“We will see how it will go further, maybe someday it can also be a means of accumulation. We see how this market is fluctuating. It’s a bit early today.”

Gamble also asked Putin if he thinks crypto is worthless.

“Why? It’s worth it. Can it just be used as a unit of account when buying and selling oil? That’s what I’m talking about,” the president replied to the journalist. the amount of energy. For this it is necessary to use, while using, traditional types, and above all hydrocarbons. “

Notes: The statements have been translated. It may not be exact wordings.

Cryptocurrency Russia
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Ravi Kumar
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Ravi is Founder and Chief Content Officer of AlexaBlockchain. He writes about everything at the cross-section of blockchain, crypto, AI, markets, and the economy. Ravi can be reached at ravi@alexablockchain.com

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