Russia President Vladimir Putin Throws Support Behind Cryptocurrency

• Russian President Vladimir Putin has thrown his support behind cryptocurrencies, stating that they have value

• Putin stated that they may be used as a means of payment but its too early to use them in trading oil and other energy resources

• The Russian leader has also flagged cryptocurrencies due to the massive consumption of energy

Russian President Vladimir Putin is the latest leader to back cryptocurrency after stating that they have value.

The world power leader is however not convinced that they can be used to replace the U.S. dollar while trading oil.

This is coming some months after Russia’s deputy prime minister, Alexander Novak disclosed that the country could move away from greenback-denominated crude contracts.

Russia has been on the back end of targeted economic sanctions from the US and the country has speculated about cryptocurrencies being an alternative.

When asked whether Bitcoin can be an alternative to the dollar in trading oil Putin claimed that it was “too early”.

While speaking at the Russian Energy Week event in Moscow Wednesday, Putin stated that he believes that Bitcoin has value but expressed doubts about its potential to trade oil.

“Cryptocurrency is not supported by anything as of yet,”.It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

Vladimir Putin also listed cryptocurrencies’ massive consumption of energy as a potential barrier to their use.

At the time of this report, Bitcoin is trading at $58,000, it’s highest point in over 5 months

Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news.