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Russian Putin says cryptocurrencies have “value”, but may not be suitable for oil trading – n7t

Russian President Vladimir Putin will give a speech on the Russian Vitality Week occasion held in Moscow, Russia on October 13, 2021.

Mikhail Arkadyv | Getty Photographs

President of Russia Vladimir Putin I believe cryptocurrencies are useful, however I’m unsure they’ll change the US greenback within the settlement of oil transactions.

A couple of months in the past, Russia’s Deputy Prime Minister Alexander Novak proposed the nation May move away from greenback oil contracts If the US continues to impose focused financial sanctions.

Requested if Bitcoin or one other cryptocurrency could possibly be used as a substitute of the greenback, Putin mentioned, “It’s too early to speak about buying and selling vitality sources in cryptocurrencies.”

“I imagine it’s value it,” he advised CNBC’s Hadley Playing on the Russian Vitality Week occasion in Moscow on Wednesday. “However I don’t suppose it may be used within the oil commerce.”

“Cryptocurrencies usually are not but supported by something,” Putin mentioned. “It could exist as a way of cost, however I believe it’s too early to speak about cryptocurrency oil buying and selling.”

Russian leaders have additionally flagged the huge vitality consumption of cryptocurrencies as a possible barrier to their use. Bitcoin requires lots of computing energy to course of transactions and create new tokens.

Russian Putin says cryptocurrencies have “worth”, however will not be appropriate for oil buying and selling

Source link Russian Putin says cryptocurrencies have “worth”, however will not be appropriate for oil buying and selling

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