Russian President Vladimir Putin: Bitcoin Has ‘Right to Exist’

Russian President Vladimir Putin made new comments suggesting a growing tolerance for Bitcoin and cryptocurrencies during an interview with CNBC that was posted on the Kremlin’s website Thursday, Bloomberg reports.

“I believe that it has value,” Putin told CNBC’s Hadley Gamble at the Russian Energy Week event in Moscow Wednesday. “But I don’t believe it can be used in the oil trade.”

The questions arose out of concern for how Russia would exit dollar-denominated oil contracts due to U.S. economic sanctions.

Putin stated that while Bitcoin and crypto may exist as a means of payment, it is still “too early” to talk about settling crude contracts in Bitcoin or crypto rather than in dollars.

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