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Crypto is not worthless – Vladimir Putin

Russian President Vladimir Putin has made an interestingly affirmative statement regarding Crypto. He claims that Crypto is “not worthless” and has the “ideal to exist”. Putin is the most recent global leader to make a favourable statement regarding Crypto.

“Why? [Crypto] does have worth. The question here is just whether it can be used as a unit of account when buying and selling oil? That’s all I’m talking about. For energy trading, it is necessary to use traditional units [of payment], particularly in the case of hydrocarbons.”

Vladimir Putin

Contrasting this, Putin offered an undecided take on cryptocurrencies at the Russian Energy Week conference in Moscow. On being asked if it was possible to use Crypto as a means of payment in oil export deals, the Russian President had some interesting points to present.

“Cryptocurrency[-funded] contracts? It’s too soon to talk about this. Because cryptocurrencies, of course, can be used as a unit of account [in deals], but they are very unstable. Using them to transfer funds from one place to another [is viable]. But in my opinion, it is still premature to trade [with crypto] – especially when it comes to trading energy resources.”

Vladimir Putin

It may be recalled that Jamie Dimon, Chief Executive Officer, JPMorgan Chase, said a few days back, “I personally think that bitcoin is worthless.” 

Putin’s Final Take on Crypto

And on being asked his general take on the crypto situation. Putin replied with a neutral answer, saying that he will see how further the crypto space will go and presents a possibility of digital tokens becoming a means of accumulation. However, he added that he and his analysts would “see how the market develops” and that it was a “bit too early” to pass any judgment on Crypto.

Moreover, he stated that the crypto assets are “electronic resources” that “are not backed by anything.” To sum it up, the Russian President, like most other countries are yet to form an opinion on cryptocurrencies. Whether it is a friend or a foe, that is yet to be decided by the governments.

Also, have a look:

JPMorgan CEO Says Bitcoin Is Worthless

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