Russia no longer wants to sell oil to western buyers Dollar settle up. The reason for this are targeted sanctions by the United States. If Bitcoin & Co an alternative for one of the country’s most important export goods? “It is too early to talk about trading energy resources in cryptocurrencies,” said President Wladimir Putin opposite CNBC.
Putin does believe that they have value, but not that they can be used for the oil trade. “So far, cryptocurrencies have not been supported by anything,” said the Russian head of state. He also sees the high energy consumption of digital means of payment as a potential obstacle. The processing of transactions and new tokens requires a lot of computing power.
Independence from the US dollar
The quest to process transactions in another currency remains intact. The US is making a big mistake to consider the dollar Sanction instrument Putin says. “In this regard, we can say that the United States is biting the hand that feeds it,” Putin said.
The dollar is a competitive advantage, a universal reserve currency and the US is thereby damaging its own economic and strategic interests. Moscow announced in June that it would withdraw US dollar assets from its sovereign wealth fund.
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