According to Bloomberg News, Russian President Vladimir Putin has expressed his tolerant attitude towards cryptocurrencies. Due to concerns that cryptocurrencies may be used for money laundering and criminal activities, these currencies are causing more and more scrutiny by regulators around the world.Putin said in an interview with CNBC that cryptocurrency “has the right to exist and can be used as a means of payment.”The interview was posted on the Kremlin’s website on Thursday.
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However, he cautioned that it is too early to talk about the use of digital currencies for trading oil and other commodities, which constitute most of Russia’s exports.
Since the sanctions began in 2014, Russia has been seeking an alternative to U.S. dollar transactions, and Putin accused the United States of using its currency as a weapon. Proponents of cryptocurrencies believe that decentralized currencies will eventually replace fiat currencies issued by central banks.
The Bank of Russia has repeatedly warned investors that the cryptocurrency market is extremely unstable and that digital currencies are not allowed to be used as a payment method in the country. However, according to Interfax., Deputy Finance Minister Alexei Moiseev said this week that there is no plan to implement a comprehensive ban.
As Putin announced a tolerant attitude towards cryptocurrencies, the White House is considering launching a broad initiative to review and coordinate the Biden administration’s cryptocurrency policies, which may lead to new regulations.
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