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Vladimir Putin: Digital currencies are valuable in their own right

Asked about digital oil transactions with Russian currencies, Russian President Vladimir Putin said that digital currencies were valuable and could not be used in oil exchanges at the moment.

to the Report Russian Deputy Prime Minister Alexander Novak said a few months ago that if the United States did not impose targeted economic sanctions, it might reduce the use of the dollar in oil contracts.

Asked if bitcoin or other digital currencies could be used as an alternative to the dollar in buying and selling oil, one of Russia’s main exports, Putin said:

It is too early to talk about the use of digital currencies in energy trading.

“He had an interview with CNBC correspondent Hadley Gamble on Wednesday at Russia Energy Week in Moscow,” he said.

I believe that digital currencies are valuable, but I do not believe that they can be used in the oil trade.

He added:

Digital currencies are still by [دارایی خاصی] Not supported. Although they are used in payments, I believe it is too early to discuss the oil trade in digital currencies.

The Russian leader also cited the high energy consumption of digital currencies as one of the major obstacles to their use. As you probably know, bitcoin miners need a lot of computing power to process transactions and extract new units.

It is worth noting that Putin did not talk about Russia’s efforts to reduce its dependence on the dollar in its trade.

Putin has said:

I believe the United States is making a big mistake in using the dollar as a tool of sanctions. We have to and we have no choice but to trade in currencies.

He added:

In this regard, it can be said that the United States is salted and the salt shaker is broken. The dollar is a competitive advantage [برای آمریکا] Is. The dollar is the world’s major currency, and the United States now has it for [پیشبرد] It uses its own political goals, and this ultimately harms their strategic and economic interests.

Russia had previously announced in June that it would remove its dollar assets from the National Capital Fund.


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