Putin Says Crypto Can’t Yet Replace Dollar in Settling Oil Trades: Report

The Russian president said it’s too early for that.

Oct 14, 2021 at 10:13 a.m. UTC
Updated Oct 14, 2021 at 6:13 p.m. UTC

Russian President Vladimir Putin said that he doesn’t think crypto can replace the U.S. dollar in settling oil trades yet, though he does believe it has value.

  • Putin had been asked whether he thought bitcoin or other crypto could be used as an alternative to the dollar in the context of U.S-imposed dollar-denominated economic sanctions.
  • Putin told CNBC on Wednesday that it’s too early to talk about using crypto in the trading of energy sources.
  • “I think it’s too early to say about the oil trade in cryptocurrency,” Putin said, though he added that he does believe crypto has value and may exist as a means of payment.
  • Putin, however, did stress that Russia would “have no other choice but to move transaction in other currencies,” should the U.S. continue to the use the dollar as a sanction instrument.
  • “This dollar is a competitive advantage. It is a universal reserve currency, and the United States today uses it to pursue political goals, and they harm their strategic and economic interests as a result,” Putin said.

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Jamie Crawley is a CoinDesk news reporter based in London.