Bitcoin
A$ 82,202
WINkLink
A$ 0.0008245
Ethereum
A$ 5,417.3

President Putin: Cryptocurrencies Can One Day Serve as Unit of Account

The president of the Russian Federation, Vladimir Putin, has recently aired his view on cryptocurrencies, admitting that they can serve as a medium of exchange and cross-border payments.

In an interview with CNBC, which was published in full on the Kremlin website, he noted that bitcoin and other cryptocurrencies could one day be used as a unit of account.

Crypto Still ‘Premature’ for Oil Trades

While Putin acknowledged the potential of cryptocurrencies in the payments sector, the Russian president noted that due to the extremely volatile nature of the asset class, it is “still too early” to definitely say that they would replace the US dollar when settling oil trades, for example.

“It’s too early to talk about this, because cryptocurrency, of course, can be a unit of account, but it is very unstable. In order to transfer funds from one place to another – yes, but to trade, let alone trade in energy resources, in my opinion, is still premature,” he said.

Putin added that cryptocurrencies are not backed by any tangible assets, and this increases his skepticism about using them for oil trades.

However, the president noted that the digital asset investments made by high-profile individuals like Elon Musk are not worthless, considering that he had analyzed their merits in the context of using them to settle oil trades.

Vladimir Putin. Source: JapanTimes

A Room for Growth

Nonetheless, president Putin is optimistic that there is enough room for the emerging asset class to develop to a point where it is chosen as a worthy alternative to the US dollar in conducting trades of energy resources like oil.

He said, “But everything develops, everything has the right to exist. We will see how it will go further, maybe someday it may also be a means of accumulation. We see this market fluctuate. It’s a bit early today.”

Russia Not Like China

Russia may not be the most crypto-favorable country in the world, but it is still not as strict on the industry as China.

Although the country’s authorities are trying to push a new regulation geared toward restricting crypto investments made by non-accredited investors, the Russian Deputy Finance Minister has made it clear that the country will not ban bitcoin.

Featured Image Courtesy of DW

Related Posts

Leave a Reply

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Donate To Cryptonic Australia


Donate BTC: 1MPYuHUKm3AhNivMSngqLnoEbpNEecHeEK
Donate Doge: DDYybw7H8zx8EYU74JrGW8WwmYh9AGuyMC
Donate WinK: TDiXutqKE3P17LpZMQh3SDBCGSkAC6iEjB




How do I discover my lacking bitcoin on Bitcore?
October 23, 2021
Israel on Its Method to Design Digital Shekel Primarily based on Ethereum (Report)
October 23, 2021
Analyst Places Bitcoin Backside At $50,000, Right here’s Why
October 22, 2021




How do I discover my lacking bitcoin on Bitcore?
October 23, 2021
Israel on Its Method to Design Digital Shekel Primarily based on Ethereum (Report)
October 23, 2021
Analyst Places Bitcoin Backside At $50,000, Right here’s Why
October 22, 2021


CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin82,202 0.45 % 3.60 % 0.72 %
Ethereum5,417.3 0.40 % 2.72 % 4.08 %
Binance Coin647.60 0.16 % 1.91 % 1.55 %
Tether1.350 0.22 % 0.14 % 0.39 %
Cardano2.920 0.62 % 1.23 % 2.11 %
Solana271.62 1.00 % 0.93 % 24.41 %
XRP1.470 0.32 % 1.56 % 4.47 %
Polkadot59.94 0.95 % 1.27 % 2.66 %
Dogecoin0.3334 0.76 % 0.02 % 5.87 %
USD Coin1.350 0.16 % 0.20 % 0.03 %

Recent Comments

Allison wick

I was a victim of WDC Markets investment scam some months ago myself. It was...

Greatness

he is the best when it comes to recovery, he helped recover my funds without...

URL

... [Trackback] [...] There you will find 63491 more Infos: cryptonic.com.au/evaluation-suggests-bitcoin-robust-palms-are-shopping-for-this-dip/ [...]