Putin discusses crypto being used for oil settlements, and as store of value

Russian President Vladimir Putin has said that U.S. dollar denominated settlements are fast decreasing and countries are scaling down their dollar reserve
Russian President Vladimir Putin has said that U.S. dollar denominated settlements are fast decreasing and countries are scaling down their dollar reserve

Russian President Vladimir Putin has said that U.S. dollar-denominated settlements are fast decreasing and countries are scaling down their dollar reserves. The president made these claims in an interview with CNBC this week, following the Russian Energy Forum that took place in Moscow on Wednesday. Putin in his remarks, was largely critical of Washington’s international and monetary policies, and he used an expression that the United States may just be cutting the same branch it is sitting on.

Speaking further, the Russian head of state admitted that at the moment, the dollar being an international reserve currency is an undisputable fact. But however, he claims that U.S authorities are undermining it through their policies. Putin then warns that all of these policies are leading to Russia and other countries slowly moving away from the U.S dollar.

He then added, how clients simply prefer not to pay in dollars for the products they offer to them. Citing this as the reason behind switching to other currencies in our settlements.

Cryptocurrency has every right to exist, says Putin

When asked by CNBC’s Hadley Gamble if oil contracts can ever be denominated in another currency apart from the U.S. dollar, including crypto, Vladimir Putin commented that it’s to early to be thinking in that line.  Although, at the same time, the Russian president admitted that despite crypto being presently unstable, it can still be useful in oil trade settlements sometime in the near future.

Speaking more about crypto, he says the digital currency can be useful in transferring funds from one place to another for now, but thinks it’s still a bit to early to start using it in trading oil and other energy resources.

However, Putin believes that things can change and everything has the right to exist. Hopefully someday, crypto will be used to store value.