Vladimir Putin sees value in cryptocurrencies – but says it’s too early to tell if they can settle oil trades

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Vladimir Putin sees value in cryptocurrencies – but says it’s too early to tell if they can settle oil trades

Russian President Vladimir Putin said cryptocurrencies may hold some value, but it's too early to tell if they can be used in the oil trade. "I believe that it has value," he at the Russian Energy Week event in Moscow on Wednesday, when asked whether or cryptocurrencies can be used in place of the . "But I don't believe it can be used in the oil trade." Russia has been considering replacing the dollar in crude-oil payments in response to and economic sanctions imposed by the US. But it may be premature to consider cryptocurrencies as a replacement, according to Putin. "Cryptocurrency is not supported by anything as of yet," he said. "It may exist as a means of payment, but I think it's too early to say about the oil trade in cryptocurrency." Putin separately predicted Wednesday that , from the current range of around $80, as global demand skyrockets in a tightening market. He also indicated that the negative environmental impact from bitcoin mining, which is said to take up worldwide, is another obstacle the digital asset faces for widespread use. But he maintained that Russia is still keen to ditch dollar-denominated payments. "I believe the US makes

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