Vladimir Putin: Cryptocurrencies Are Still Not Ready To Be Used For Energy Resource Trading

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Following the conclusion of his session on the Russian Energy Week forum, Russia’s President Vladimir Putin was interviewed by CNBC; wherein he stated that cryptocurrencies are still not primed for settling trades concerning energy resources.

According to Putin, as beneficial and advantageous as cryptos are, its instability is still a significant thing of concern. He then added that oil contracts settled with cryptocurrencies are still far ways off. Putin also mentioned that Russia would remain closely observing the developments within the crypto space, which he believes could drive immense profits for countries down the line.

Nevertheless, the Russian President remains hesitant to commit to cryptos, citing the market’s heavy fluctuations as the main reason as to why.

Putin’s recent remark aligns with the opinions stated by some of today’s most well-known regulators, such as SEC Chairman Gary Gensler. According to Gensler, he sees most cryptos existing as having no long-term viability, implying that only a few would remain in the market in the future. As it currently stands, the SEC’s efforts to promptly regulate the market and ensure that all cryptos abide by securities laws remain.

The Russian President clarifies that cryptocurrency holdings aren’t worthless. In fact, he recognizes its immense promise in revolutionizing the world of finance. That being said, he firmly believes that such still needs a lot more time to develop to be used as means for energy trading formally.

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