Cryptocurrency News

Russia’s Putin says he accepts Cryptocurrency’s role in making payments

  • Russia’s Vladimir Putin says he believes cryptocurrencies can be used as means of payment
  • However, he doesn’t think crypto is ready to replace the US Dollar in the oil trade yet
  • Putin cites Bitcoin’s high energy consumption as a barrier to adoption

The cryptocurrency space has won a lot of admirers in recent years, and it seems Russia’s Putin is now one of them.

Crypto can be used as a means of payment, says Putin

Russia’s President Vladimir Putin says he believes cryptocurrencies can be used as means of payment. However, he doesn’t think they are ready to replace the US Dollar in the global trade market yet.

In an interview with CNBC’s Hadley Gamble at the Russian Energy Week event, Putin said he believes cryptocurrencies have value. However, he doesn’t believe it can be used in the oil trade at the moment.

The president further added that he believes that the United States is making a huge mistake in using the US Dollar as an instrument for sanction. As a result, Russia and other countries are forced to move to transactions in other currencies.

He added that

In this regard, we can say the United States bites the hand that feeds it. This dollar is a competitive advantage. It is a universal reserve currency, and the United States today uses it to pursue political goals, and they harm their strategic and economic interests as a result.

Bitcoin’s high energy consumption is a barrier to massive usage

There have been talks about the massive energy usage in mining Bitcoin, with Tesla suspending its Bitcoin payment option for this reason. President Putin also shares the same sentiment, stating that Bitcoin’s high energy consumption is a barrier to its use.

However, there are ongoing changes in this regard as cryptocurrency miners are committing to using renewable energy sources to mine Bitcoin and other cryptocurrencies.

Sign up for our FREE mailing list

Join 12,590 others now and get actionable research and analysis sent directly to your inbox.

Post a Comment

GET YOUR CRYPTO DAILY BRIEF

Delivered daily, straight to your inbox.