Putin approves role of cryptocurrencies as a means of payments

English Oct 15, 2021

Vladimir Putin has recently been open to cryptocurrencies, which are attracting more and more investors and reshaping the dynamics of the global economy.

In an interview with CNBC Putin said that "cryptocurrencies has a right to exist and can be used as a means of payment,". The interview was later published on the Kremlin website. However, the president warned that it is too early to use cryptocurrencies to trade in the commodities that make up the bulk of Russia's exports.

Russia has been looking for alternatives to the use of dollars since it was targeted in 2014 following the annexation of Crimea. According to Putin, the US uses its currency as a weapon to geopolitically control other countries.

The Bank of Russia has repeatedly warned investors that the cryptocurrency market is extremely volatile and that digital currencies cannot be used as a payment method in the domestic market. However, according to the deputy finance minister, there are no plans for a Chinese-style ban.


Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.