Putin allows use of crypto as means of payment and savings

Cryptocurrency has the right to exist and may be a unit of contact, but to use it in the oil trade is "too early". This was stated in an interview with CNBC by Russian President Vladimir Putin.

In response to a question about when oil contracts will be denominated not in dollars, but, for example, in cryptocurrency, Putin said that it is early to say so.

"It is too early to talk about it, because cryptocurrency, of course, may be a unit of contact, but it is very unstable," said the president.

The president also noted that cryptocurrency is still not secured by anything.

"[Crypto can be used] to transfer money from one place to another, but it’s too early to talk about the trade of anything in sources of crypto. Cryptocurrencies are not supported by anything, yet," mentioned Putin.

Putin also noted that cryptocurrency has the right to exist and can be used as a means of savings in the future. At the same time, Putin does not believe that cryptocurrency is worthless.

He also noted that the creation of cryptocurrencies requires a large amount of energy.

"So far we must use traditional hydrocarbons," Putin stated.

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