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Crypto cannot replace dollar yet as exchange currency for oil – Putin

Vladimir Putin had his say on the debate between digital currencies and dollar during an interview with CNBC at yesterday’s Russian Energy Week event.

The Russian President believes crypto has “value,” but talks of using it to settle oil trades are premature.

“Cryptocurrency contracts? It’s too early to talk about this, because cryptocurrency, of course, can be a unit of account, but it is very unstable.” Putin said, but he didn’t entirely shut out the idea of using crypto as an exchange currency for oil.

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Via: iStock

“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.” He told CNBC’s Hadley Gamble.

Furthermore, Putin accused the United States of using the dollar as a “sanction instrument” against other countries, adding that Russia was taking active steps to switch to other currencies.

“We are reducing dollars in our reserves and in payments.”

Putin’s opinion on the dollar echoes the thoughts expressed by Russia’s Central Bank Governor Elvira Nabiullina some months back.

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