Putin spoke out in support of cryptocurrencies

14-10-2021

Vladimir Putin spoke out in favor of cryptocurrencies, arguing that digital currencies could soon be used legally in the payment sphere. In a recent interview, the Russian president said that cryptocurrencies have the right to exist. 

Putin’s support of digital assets came as a surprise to many. For example, the Central Bank of Russia has recently been actively reminding crypto-traders of the risks associated with investing in cryptocurrencies. 

“Cryptocurrency is not secured by anything yet. It exists and as a means of payment can be used, of course, yes, but trade in oil, say, or other primary materials and energy sources – still, I think, it is too early to talk about it,” said Vladimir Putin.

From the Russian president’s interview, we can conclude that Russia is not planning to completely abandon cryptocurrencies. There is a possibility that the state will be able to cope with sanctions from the U.S. with the help of crypto-assets, similar to how Iran did it with the use of bitcoin. Putin emphasizes the instability of blockchain-related technologies. At the same time, he does not deny the possibility that digital currencies could eventually become a legitimate payment instrument.

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