Russian President Vladimir Putin Says Yes to Crypto for Making Payments

Russian President, Vladimir Putin, said he accepts cryptocurrency's role payment methods.

In an interview with CNBC, Vladimir Putin stated that crypto has the right to exist and could be used to make payments. The Russian President said that cryptos could find use as a settlement unit, but cautioned that it was too soon to say if it could be used in energy transactions.

Particularly, Putin was referring to cryptos being used for energy, oil, and raw material-related transactions, for which some companies are working on. His statements signaled tolerance of cryptos, which are drawing increasing inspection from regulators worldwide amid fears they can be used for criminal activity and money laundering.

In addition, he said that everything has a right to exist. Adding to this, Putin notes,

“We will pay attention to the development trend of cryptocurrency, which may also become a means of savings at some point. We have seen how the market fluctuates, and it is still early.”

Vladimir Putin's view aligns with US SEC Chairman Gary Gensler’s stance who recently said that there might be no long-term viability for cryptos for most of the market. However, the Securities and Exchange Commission is trying to regulate the market and ensure that digital assets meet securities laws standards.