Finance

Putin likes crypto coins as a means of payment

He said this in an interview with CNBC.

No ban on bitcoin

However, the president warns that it is still too early to talk about the use of, for example, bitcoin in the trade of oil and other commodities, which form the bulk of Russian exports.

The central bank of Russia, meanwhile, regularly warns investors that crypto trading is extremely volatile and that the digital coins should not be used as a means of payment in the country itself. However, a ban on bitcoin, as in China, does not seem to be an issue.

Russia has been diligently seeking alternatives to dollar trading since the United States imposed sanctions on the country after its 2014 annexation of Crimea. Putin accuses the US of using its currency as leverage.

The US, on the other hand, is considering tightening its policy for cryptocurrencies.

Regulatory criticism of crypto is growing worldwide.

Difficult to trace

The digital coins are popular with criminals because they are difficult to trace. Especially if so-called cryptocurrency mixers are used, which cut and shuffle the virtual money into pieces.

There are also environmental issues with digital currencies. It costs a lot of electricity to ‘mine’ them.

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