Putin says crypto is ‘not worthless’ and has ‘a right to exist’

Source: iStock / Cylonphoto

Russian President Vladimir Putin made a surprisingly positive statement about crypto – saying it has the “right to exist” – and added that it may one day find a niche in economies “as a means of accumulation ”.

Putin was speaking to news channel CNBC in an energy-themed interview, the transcription of which was published on the Kremlin website. During the interview, he was asked about the possibility of using crypto as a form of payment in oil export deals.

He has answered:

“Cryptocurrency[-funded] contracts? It’s too early to talk about it. Because cryptocurrencies, of course, can be used as a unit of account [in deals], but they are very unstable. Use them to transfer funds from one place to another [is viable]. But in my opinion it is still premature to exchange [with crypto] – especially when it comes to exchanging energy resources.

The Russian leader was speaking to the media as part of a Russian Energy Week event, and as gas and oil prices continue to rise around the world. And when he pushed his sights on crypto, he asserted that “everything has a right to exist,” even crypto.

He added:

“We will see how much further [crypto] will go. Maybe one day [tokens] could also become a means of accumulation. We see how the market is developing. It is a bit early [to pass judgment on crypto] at present. “

And while he said that cryptoassets are “electronic resources” that “are not yet backed by anything,” he hesitated when asked if he thought crypto was ” worthless “by his interviewer, replying:

“Why? [Crypto] has value. The question here is simply whether it can be used as a unit of account when buying and selling oil? That’s all I’m talking about. For energy trading it is necessary to use traditional units [of payment], especially in the case of hydrocarbons.

Learn more:
– No crackdown on crypto in Russia, but keep coins off Russian soil, official warns
– Putin calls on Russian government to create crypto assets reporting system

– Russian Foreign Minister: Crypto will inevitably play a role in international trade
– Russia could use crypto to dodge US sanctions – Political Insider

– Kalashnikov wants to kill SWIFT and switch to “digital currency”
– The proposed new law would allow Russians to inherit Bitcoin and Co.

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