Too Early to Talk About Using Crypto for Oil Trading, Says Putin

The Russian President clarifies that he is not a supporter of using crypto in the oil trade. Putin believes that it’s too early and can lead to disaster. He also said that before even considering it crypto must need to establish far deeper roots. Despite his friendly stance about crypto, Putin seems unsure about the using crypto in oil trading.

It seems that as of now Putin is no convince that this is the right idea, but he has not ruled out the possibility of future use of crypto in the oil trading. Russian President, however, believes that at some point, cryptocurrencies would definitely be used in the oil trading. Russian President Vladimir Putin believes that it’s “still premature” to use cryptocurrencies for settling trades of energy resources such as oil.

  However, during his interview with CNBC, while attending the ​​Russian Energy Week forum, Putin talked about the diverse use of cryptocurrency in the future.  He also said that it is not feasible at the moment to use cryptocurrency as a state-to-state exchange. He also added that due to the highly volatile nature of the crypto it is not suitable to be accepted in the oil market. However, he said that it is the right of every single idea to exist and evolve. In the same way crypto needs to evolve further.

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The Russian government is also closely monitoring the developments of the crypto markets across the globe. Russian President further said that it is important for experts to analyze the pattern of the volatility of the crypto market. Moreover, he said that cryptocurrencies are not backed by anything yet. Unlike the digital nature of crypto trading. Oil and gas industry is pretty much real and has nothing to do with digital platforms. That’s why it is impossible to integrate both of these mediums.

During his interview, Putin also discussed that that the United States dollar “undermines its position, which is another concern for the international economy. He further said that Russia is not looking to cut off dollar payments completely. He said that it is important that world’s top economies show more concern about what is happening with dollars rather than being obsessed with the crypto regulation and crypto markets.

It seems that Putin does not favor any sort of risky advice, he clearly conveyed that crypto is a phenomenon for future. At this moment of time, the world’s economy can afford to take any risks as Covid pandemic has already destroyed the economic activities. Putin’s vision of crypto focuses on the process of evolution. He really believes that crypto need to evolve further.