Putin says crypto cannot yet replace dollar in settling oil transactions: report

Russian President Vladimir Putin has said he does not believe crypto can yet replace the US dollar in settling oil transactions, although he does believe it has value.

  • Putin was asked if he thought bitcoin or another crypto could be used as an alternative to the dollar in the context of economic sanctions imposed by the United States in dollars.
  • Putin Recount CNBC on Wednesday that it is too early to talk about the use of crypto in energy source trading.
  • “I think it’s too early to talk about oil trading in cryptocurrency,” Putin said, although he added that he believed crypto had value and could exist as a medium. of payment.
  • Putin, however, stressed that Russia “would have no choice but to move transactions into other currencies” if the United States continued to use the dollar as an instrument of sanction.
  • “This dollar is a competitive advantage. It is a universal reserve currency, and the United States uses it today to pursue political objectives, which harms their strategic and economic interests, ”Putin said.

Read more: Fearing cut off from SWIFT, Russia hints at blockchain alternative: report

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