Russia's Putin Says He Accepts Crypto's Role In Payments

Russia's Putin Says He Accepts Crypto's Role In Payments

Russian President Vladimir Putin has said cryptocurrencies have value and said he accepts their use for payments.

What Happened: According to a Thursday Bloomberg report, Putin said that cryptocurrency “has the right to exist and can be used as a means of payment,” during a recent interview posted on the Kremlin’s website. Still, he insisted that it was still premature to talk about introducing digital currencies to the trade of oil and other commodities that Russia exports.

See Also: IS BITCOIN A GOOD INVESTMENT? 

This kind of comment leaves hopes for the future adoption of crypto by Russia for international commodity trading. In fact, Russia has been looking for alternatives to the United States dollar in international trade ever since it was hit by sanctions in 2014 after the annexation of Crimea. Putin goes as far as to accuse the United States of using its currency as a weapon.

The comments follow recent reports that suggesting Bitcoin is headed for $80,000 to $85,000, but according to some market experts, this would only come after a dip caused by a resistance at $60,000.

BTC Price Action: According to CoinMarketCap data, Bitcoin is trading 6.75% higher over 24 hours at $57,589.

Posted In: RussiaVladimir PutinCryptocurrencyMarkets

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