Putin allowed cryptocurrency to be used as a means of saving

However, it is too early to use them as payment for energy carriers, the president added

14.10.2021 - 07:30

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1 min

What's new? Russian President Vladimir Putin has not ruled out that cryptocurrency may become a means of saving in the future. However, he said that it is too early to use digital assets in energy transactions. The Russian leader stated this in an interview with CNBC, published on the Kremlin’s website.

“It is fine for transferring funds from one place to another, but I think it would be premature to use it in trading, especially when dealing with energy resources.” he said.

Press release on the Kremlin's website

How did Putin justify his position? According to the head of Russia, it is too early to talk about contracts for oil or other energy sources in cryptocurrency because of its volatility. Virtual coins are not yet secured, added Putin.

The President added that in order to “mine” crypto, “a lot of energy” is needed, and for its production “it is necessary to use traditional sources of energy, primarily hydrocarbons.”

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