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Too early to talk about using crypto for oil trading, says Putin

Too early to talk about using crypto for oil trading, says Putin



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  1. tldr; Russian President Vladimir Putin believes that it’s “still premature” to use cryptocurrencies for settling trades of energy resources such as oil. Putin said that cryptocurrencies are “not backed by anything yet” and are “very unstable.” He added that the US dollar “undermines its position” as an international reserve asset. The Russian government is closely monitoring the cryptocurrency market.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  2. Crypto price volatility is the problem. Countries want payments for oil in something stable like the US dollar, Chinese yuan, or gold bars. Bitcoin needs to mature into a much more price stable asset before any nation will use it to process billions of dollars worth of transactions.

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