Russian President Vladimir Putin reported tolerance of cryptocurrencies, which are under increasing scrutiny from regulators around the world, fearing that they could be used for money laundering and criminal activity. According to a report: Cryptocurrency “has a right to exist and can be used as a form of payment,” Putin said in an interview with CNBC published on the Kremlin website Thursday. Nonetheless, he warned that it was too early to talk about using digital currencies to trade oil and other commodities that make up the bulk of Russia’s exports.
Russia has sought alternatives to dollar trade since being sanctioned in 2014 following the annexation of Crimea, and Putin accuses the United States of using its currency as a weapon. Crypto proponents argue that decentralized currency will eventually replace fiat currencies issued by central banks. The Bank of Russia has repeatedly warned investors that the crypto market is extremely volatile and digital currencies are not allowed to be used as a method of payment nationally. However, there are no plans for a blanket ban similar to China’s, Deputy Finance Minister Alexei Moiseev said this week, according to Interfax.
Vladimir Putin says he accepts crypto as legitimate currency for making payments
Source link Vladimir Putin says he accepts crypto as legitimate currency for making payments