Putin: Crypto Has ‘Value’ – The Street Crypto: Bitcoin and cryptocurrency news, advice, analysis and more

During an interview at an event in Moscow with CNBC Vladimir Putin said that cryptocurrencies do have value but that he isn’t sure they can replace the U.S. dollar in settling oil trades. 

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Putin was asked if he thought that Bitcoin or other cryptocurrencies could be used instead of the dollar for trading oil. He responded by saying it’s “too early to talk about the trade of energy resources in crypto. I believe it has value, but I don’t believe it can be used to trade oil.”

He continued, saying that cryptocurrency isn’t yet supported by anything other than as a basic means of payment. 

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

While Putin wasn’t sure that Bitcoin was ready for use in oil trades, his position on the dollar’s dominance and the way the U.S. uses the global reserve clear. 

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