Is Vladimir Putin really ready to accept cryptocurrencies as a means of payment?

Cryptocurrencies ‘have a right to exist’

This week was Russian Energy Week, an international forum held from October 13 to 16 in Moscow. Among the speakers was of course the President of Russia, Vladimir Putin. Following a question from a journalist about the possibility of settling oil contracts in cryptocurrencies, the Russian president’s answer was somewhat surprising.

Indeed, Vladimir Putin surprisingly expressed his tolerance for cryptocurrencies. According to him, digital assets and in particular Bitcoin (BTC ) “have the right to exist and can be used as a means of payment”.

However, let’s not get too excited too quickly, as this response is still a very tentative approval. The Russian president was very quick to qualify his statement, explaining that“it is still too premature” to consider cryptocurrencies as a means of payment for doing business.

“To transfer funds from one place to another, yes, but to trade in oil, or other commodities and energy sources, I think it’s too early to talk about it at the moment,” Vladimir Putin explained.

Since the sanctions imposed on Russia in 2014, Vladimir Putin has been constantly looking for alternatives to paying in dollars for international trade. While China has taken a clear stance against cryptocurrencies and the US is currently launching a wide-ranging investigation of the sector, it will be interesting to follow the positioning Russia takes.

Going further – President Erdogan says Turkey is “at war with cryptocurrencies”


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About the author : Lilian Aliaga

Is Vladimir Putin really ready to accept cryptocurrencies as a means of payment?


Freelance writer located between Paris and Toulouse. I want to share my passion for the world of crypto-currencies to as many people as possible. I am also interested in technical analysis and trading.
All articles by Lilian Aliaga.

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