Russian President, Vladimir Putin accepts Cryptocurrency for payments in Russia.
Vladimir Putin expressed support for cryptocurrencies, which are being scrutinized by regulators throughout the world because of concerns that they could be used for money laundering and criminal behavior.
In an interview with CNBC, Putin stated that cryptocurrency “has the right to exist and can be used as a means of payment.” Nonetheless, he emphasized that it was too early to discuss utilizing digital currencies to trade oil and other commodities, which account for the majority of Russia’s exports.
Since being slammed with sanctions in 2014 following the annexation of Crimea, Russia has sought alternatives to trading in dollars, and Putin accuses the United States of using its currency as a weapon. Decentralized money, according to proponents, will eventually replace central bank-issued fiat currencies.