- Vladimir Putin says he accepts cryptocurrency’s role in making payments.
- He also cautions that it is soon to know if it could be used in energy transactions.
The president of Russia, Vladimir Putin, reveals he accepts cryptocurrency’s role as a medium of payment.
In an interview with CNBC, Vladimir Putin asserts that cryptocurrency has the right to exist. This is to say that digital assets could be used to make payments. Further, the Russian President said that cryptos serve as a settlement unit, but he cautions that it was too soon to determine if it could be used in energy transactions.
Specifically, Putin was referring to cryptos being used for energy, oil, and raw material-related transactions, for which some companies are working on. His statements signaled tolerance of cryptos, which are drawing increasing scrutiny from regulators worldwide amid fears they can be used for criminal activity and money laundering.
In addition, he said that everything has a right to exist. Adding to this, Putin notes,
We will pay attention to the development trend of cryptocurrency, which may also become a means of savings at some point. We have seen how the market fluctuates, and it is still early.
Vladimir Putin’s view aligns with US SEC Chairman Gary Gensler’s stance. The SEC chairman recently said that there might be no long-term viability for cryptos for most of the market. However, the Securities and Exchange Commission is trying to regulate the market and ensure that digital assets meet securities laws standards.