Putin Discusses Cryptocurrency and Oil Trade Dynamics

Russian President Vladimir Putin thinks cryptocurrencies have value, but he’s not convinced they can replace the U.S. dollar in settling oil trades. Asked whether Bitcoin or another cryptocurrency could be used as an alternative to the dollar, Putin said that it’s too early to talk about the trade of energy resources in crypto. At the Russian Energy Week event in Moscow Wednesday, Putin said of crypto, “I believe that it has value. But I don’t believe it can be used in the oil trade. Cryptocurrency is not supported by anything as of yet.” Putin didn’t mince words on Russia’s attempt to move away from reliance on the dollar, affirming his belief that the U.S. is making a mistake in using the dollar as a sanction instrument, forcing Russia to have no other choice but to move to transactions in other currencies.