Putin sees cryptocurrency as a means of payment

Putin sees cryptocurrency as a means of payment

He said this in an interview with CNBC.

No ban on bitcoin

However, the president warns that it is still too early to talk about the use of bitcoin, for example, in the trade of oil and other commodities, which make up the bulk of Russian exports.

Meanwhile, the Central Bank of Russia regularly warns investors that crypto trading is extremely volatile and that cryptocurrencies should not be used as a means of payment in the country itself. However, bitcoin bans, as in China, do not appear to be a problem.

Russia has been scrambling for alternatives to trading the dollar since the United States imposed sanctions on the country after its 2014 annexation of Crimea. Putin accuses the United States of using its currency as leverage.

On the other hand, the United States is considering tightening its cryptocurrency policy.

Regulatory criticism of cryptocurrencies is on the rise all over the world.

hard to track

Cryptocurrencies are popular with criminals because they are difficult to trace. Especially if so-called cryptocurrency mixers are used, which chop virtual money and split it into pieces.

There are also environmental issues with digital currencies. Mining costs a lot of electricity.

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