Vladimir Putin spoke about cryptocurrencies

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During the VTB Capital investment forum, Russian President Vladimir Putin expressed concern about the high volatility of cryptocurrencies, but did not rule out their prospects.

“In some countries, cryptocurrency is used, and in some it is simply prohibited. In my opinion, it is prohibited in China, in some other three or four countries. But it is not backed by anything, the volatility is colossal, so the risks are very high. I also believe that we need to listen to those who talk about these big risks, ”the president said.

According to him, for this reason, they are not suitable for official circulation in Russia. At the same time, the President mentioned that cryptocurrencies are indeed used in some economies.

“Maybe this is the future, but we need to closely monitor how this process develops,” he added.

In mid-October, the head of state said that it was premature to talk about the possibility of concluding contracts for the supply of oil in cryptocurrencies due to the instability of the exchange rate, but did not rule out the possibility of their transformation into a store of value over time.

“In order to transfer funds from one place to another, yes, but to trade, let alone trade in energy resources, in my opinion, is still premature. The cryptocurrency is not backed by anything yet, ”he said then.

In September, after the recognition of bitcoin as a means of payment in El Salvador, presidential press secretary Dmitry Peskov said that Russia was not ready to follow a similar path due to the lack of need and risks for the financial and economic systems.

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