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Russia: President Vladimir Putin Admits Bitcoin Has Value

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Recently, Russian President Vladimir Putin has moved to be more “open” towards cryptocurrencies. Although there are concerns because cryptocurrencies are attracting a lot of attention from global regulators because of the great danger when they are used for money laundering or criminal activities. But President Vladimir Putin still admits Bitcoin has value.

In an interview on the afternoon of October 14, 2021, the Russian President hinted that the country may leave oil trading in USD if the United States continues to impose more targeted sanctions. Earlier, Deputy Prime Minister Alexander Novak also commented on this move of Russia.

When asked by a reporter if Bitcoin or another cryptocurrency could be used as an alternative to the USD, Putin said it was still too early to talk about cryptocurrency trading. Besides, he also admitted that Bitcoin has value despite the controversy surrounding this cryptocurrency. This is also the first time the Russian president has personally commented on Bitcoin.

Russia tries to get rid of dependence on the dollar

Putin highlighted the massive energy consumption of cryptocurrencies as a potential barrier to their use becoming more widespread. Bitcoin requires a lot of computing power to jointly process transactions and generate new tokens at the same time.

However, President Putin also made it clear in the interview that Russia continues to make efforts to get rid of dependence on the dollar. He said that the US made a big mistake by using the dollar as a tool to punish Russia.

According to him, the US dollar is a great competitive advantage of the US. It is also the popular reserve currency that the United States uses to date. It pursues political goals, in the end the USD will suffer heavy losses because of the strategic and economic interests of the country and its rulers.

>>> See more here: Defi and Algorithmic Stablecoin Demand Grows in 2021 Despite Large Centralized Competitors

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