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

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.

Read more: Fearing Being Cut Off From SWIFT, Russia Hints About Blockchain Alternative: Report

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