Putin: Crypto Has Value But It Doesn’t Do For Oil Trade

Russian President Vladimir Putin believes cryptocurrencies have value – but he is not convinced that they can replace the US dollar in oil transactions.

- Advertisement -

Notably, according to CNBC a few months ago, Russia’s deputy prime minister, Alexander Novak, suggested that the country could move away from dollar-denominated crude oil contracts if the US continues to impose targeted economic sanctions.

Asked if bitcoin or another cryptocurrency could be used as an alternative to the dollar, Putin said it is “too early to talk about trading energy resources in cryptocurrencies.”

“I think it has value,” he said at the Russia Energy Week event in Moscow on Wednesday. “But I don’t think it can be used in the oil trade.”

-Vladimir Putin

Cryptocurrencies are a means of payment, but they do not make for oil trade
“The cryptocurrency is not supported by anything yet,” Putin said. “It may exist as a means of payment, but I think it’s too early to talk about trading oil in cryptocurrencies.”

The Russian leader also pointed to the massive energy consumption of cryptocurrencies as a potential obstacle to their use. Bitcoin requires a lot of computing power to process transactions and create new tokens.

However, Putin did not comment on Russia’s attempt to get rid of the dollar.

“I believe the U.S. is making a huge mistake in using the dollar as a sanctioning instrument,” he said.

- Advertisement -

“So, we’re forced. We have no choice but to trade with other currencies.”

Previous Articles:

- Advertisement -

Latest News

Putin: 90% of BRICS Transactions Now Settled in Local Currencies

BRICS confirmed that 90% of all transactions among member countries are now settled in...

Bitcoin, Major Cryptos Jump as US Eyes Trade Deals Before Tariff Deadline

Major cryptocurrencies increased Sunday following comments from U.S. Treasury Secretary Scott Bessent about imminent...

XRP Poised for $5 Surge by 2027 After SEC Win and ETF Hopes

Ripple’s XRP token reached $2.23 in July 2025 after rising over 640% since July...

Bitcoin’s Anti-Establishment Days End as Wall Street Takes Over

Wall Street institutions now play a major role in the Bitcoin market, reducing its...

Must Read

Top Best Metaverse Worlds To Buy Land

The metaverse has grown in our everyday conversation since Facebook announced its rebranding in October 2021 to META. The metaverse is a virtual world,...