Putin believes Bitcoin has value

[Blawpaw]

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

[teosanru]

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

Why would any country use it for the Oil trade? especially the countries which receive foreign exchange from their customers in return for Oil. It makes zero sense for them because their currency is gaining strength if they are using it for exports and at the same time gaining foreign exchange too. Even if they realize crypto is important and has a lot of potentials they still won't start using it for trading unless the buyer proposes them or forces them to use it for trading, Yes CDBCs can give rise to different scenarios but they are definitely not going to use main stream cryptocurrencies for this purpose.

[oHnK]

By now, Putin has come out with a very open opinion on Bitcoin and this is having quite an impact on the current market.  To say that Russia is replacing China now, I think this is an exaggeration.  Putin is much more stable than the Chinese President in taking his country's policies.  If he says it's too early to talk about Bitcoin in oil trading it's only natural because their exports are supported by oil and other commodities.  And indeed not many countries are willing to accept bitcoin as a legal tender.  Although Russia is indeed looking for an alternative to the dollar because of the sanctions they received in 2014, Putin has not dared to replace the dollar with Bitcoin due to various reasons behind it.

[Husires]

Why would any country use it for the Oil trade?

The reason for the answer is the nature of the question, as we know that Russia sometimes sells oil for things other than the dollar, so the question was in this form.

Asked whether bitcoin or another cryptocurrency could be used as an alternative to the dollar in trading oil — a key export for Russia — Putin said it's "too early to talk about the trade of energy resources in crypto."

The answer is logical and it is optimistic. If bitcoin achieves some of the requirements, it may be an alternative to using the dollar for many countries, as it may be the key to international trade between them.

We cannot consider it a positive statement as much as a factual reading.

[LimLims]

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

Everyone has their own perspective.
And i too respect each and everyone’s ideology.
Whatever Putin has said, i am sure he would have done immense research and have said it.
I guess for the statement of Putin also, Bitcoin has slightly rose up.
Let’s see what happens more from Russia’s side regarding Bitcoins.

[wissy]

That is not that surprising since Russian government announced their own cryptorubble coin way back in 2017, with Putin backing it up. Also they probably want to counter USA aggressive policy towards bitcoin. I guess they see crypto as a potential leverage in the future against USA.

[DeathAngel]

Good to see that he’s at least open to the use & acceptance of bitcoin in the future. The last thing we need as we’ve just shrugged off China FUD was another large nation following suit. Hope to see more positivity towards bitcoin from Russian officials in the future.

[Baofeng]

Still not buying it though, as per my experience reading news coming from Russian government, they've seen to be releasing statements that is contrasting. So it's hard to accept something as true coming from them, just saying. And we all know how oppressive Russian's regime under Putin. Crypto will give so much freedom for their people and he may not like it on the long run. Again, take everything with a "bag of salt",  just saying.

[The Cryptovator]

Good to see Putin is positive about Bitcoin. Since the US supporting Bitcoin and do not have any intention to ban Bitcoin, so Putin will not ban it as well. Because Bitcoin is the most powerful cryptocurrency and the US is the most powerful country as well. So Putin just expresses that he doesn't want to go against the most powerful currency. Putin wouldn't miss this opportunity. There is some political game as well, China stands against Bitcoin and the US stands on behalf of Bitcoin, and Putin just taking advantage of Bitcoin and that's why he is telling Bitcoin has value.

[bittraffic]

Its possible that Chinese miners also move there, the hash rate from Russia had ranked up to the 3rd place which the government had no problem with and they don't plan banning cryptocurency.

I once saw a video which Putin explains about blockchain, the president knows more about crypto than what an average joe knew. He must have learned from his council.

[Ucy]

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

Excerpt from the link:

Russian President Vladimir Putin thinks cryptocurrencies have value — but he's not convinced they can replace the U.S. dollar in settling oil trades.

In regards to the bolded part above, guess I understand why he said that.
I think you could solve the problem that may have prompted that part of the statement by regulating supply to help keep price fluctuations moderate without compromising on Bitcoin anti-inflation feature.

Bitcoin is supported by its global users though. Wonder the kind of support the Pres is referring to anyway.

[so98nn]

All about the oil. Well he is mostly thinking how they can overpower the US dollar or other modes of payment so that they can sell out their Oil in different ways than the traditional. This is surely out of one important thing, they need BTC to be used as charmer payment to help attract more and more investors for it. Crypto adoption is under discussion since long in russia. They could be in the set point, where exactly the BTC will play the role.

Let us not forget that Russia is the reason for 12% global supply of oil and securing the third position in the world to do so.

Imagine that much being paid in BTC will be put Russia in the top 2 or 3rd position by its BTC use.

Only not sure about one thing, except the different mode of payment what is achievable through this?

[Nathrixxx]

Russia is adopting a different attitude towards cryptos than China. President Putin has come public saying "Bitcoin has value but it cannot be used in the Oil trade"

I guess Putin didn't still fully grasp the real potential of cryptos as he says

“Cryptocurrency is not supported by anything as of yet. It may exist as a means of payment, but I think it’s too early to say about the oil trade in cryptocurrency.”

But even so, it shows that Russia seems to be adopting a friendly position facing cryptocurrency and it may be having some impact on the industry. Given that China adopted a harsh position towards cryptos, is it possible that miners are relocating from China to Russia? Is it possible for Russia to step up to occupy the former place China had in Bitcoin? I guess this is what is happening, otherwise, Putin wouldn't come public with such a neutral position.

Infact i can't just believe how china is taking it uneasy on Cryptocurrency infact to the point of tracing users and blocking every possible means, as for Russia i think they have upper edge in accepting crypto activities going on and the acceptability of Bitcoin for oil payment and transactions has a long way to go for now but its possible whereby the countries in which such exchange be done must both have adopted and legalized Bitcoin and can then be used as an exchange for oil (Bitcoin-oil) exchange.

[maju69]

Hopefully Russia will show an open attitude towards crypto, without the need to adopt any legal payments, just by giving space to cryptocurrencies as an investment alternative that is allowed to operate in Russia. I know that Putin doesn't have time to discuss and find out more about the potential of Bitcoin for his country's economy. But he has a minister who specifically regulates the digital financial system which should provide reinforcement that Russia in the future is crypto-friendly. Thus, Putin only looks at its development and income in the state treasury.

[dothebeats]

News surfacing from Russia just a few months back states a different stance on cryptocurrencies, insofar that they even wanted to ban it wholly. Putin as the head of state surely has a valuable opinion on what he thinks of bitcoin, and most of the time, his views are taken as the views of Russia as a whole. Just the timing of this recent statement of Putin on the matter makes it hard for me to believe that he really is thinking such for bitcoin. But who knows? Maybe he really had a change of heart, or he just doesn't follow what his advisers and counsels are doing for cryptocurrency for his motherland.

[24Kt]

News surfacing from Russia just a few months back states a different stance on cryptocurrencies, insofar that they even wanted to ban it wholly. Putin as the head of state surely has a valuable opinion on what he thinks of bitcoin, and most of the time, his views are taken as the views of Russia as a whole. Just the timing of this recent statement of Putin on the matter makes it hard for me to believe that he really is thinking such for bitcoin. But who knows? Maybe he really had a change of heart, or he just doesn't follow what his advisers and counsels are doing for cryptocurrency for his motherland.

Seems there's a change of heart here. Maybe, he's also reading adoption of bitcoin in other parts of the world like El Salvador, Venezuela, etc. And even if China totally ban crypto usage, they have seen that it had a slight impact during the announcement but afterwards, bitcoin is soaring high. So he may see that banning btc or crypto is just futile if all the other parts of the world are already enjoying the benefits of this technology. I have read a thread that right now, Russia is in the third position when it comes to crypto mining behind US & Kazakhstan. So if they will be more friendly towards miners, who knows these Chinese miners will eventually move to their country?

[hatshepsut93]

I'd like to get a direct source for that, cause in this article the words "bitcoin" and "cryptocurrency" are interchangeably used. I've seen many times titles like "country X supports Bitcoin" and then you read the article and they are actually talking about CBDC or stablecoins.

I hope people won't start saying that "Russia will make Bitcoin a legal tender" and include it in that fake list of countries that will adopt Bitcoin next.

[bhadz]

Nice.
We need someone like him to tell the actual thing about bitcoin. Unlike those freaking economists that still denies the value of bitcoin. They should be honest as Vladimir about bitcoin. But he has to learn that it can be traded for gold directly if the producers or suppliers do.

[TinaK]

If this is true, it's good news.
We have heard a lot of countries started adopting bitcoin and believing bitcoin, soon those who still hate bitcoin will do the same to other countries who are friendly to bitcoin. Now, the whole world seems to see the potential of bitcoin to become an alternate currency, and let's do hope that not only one specific cryptocurrency, should be on general crypto. Putin soon will announce a legal tender for sure. The only barrier on bitcoin that keeps spreading FUD is China, we hope that they will realize soon.

[dunfida]

I'd like to get a direct source for that, cause in this article the words "bitcoin" and "cryptocurrency" are interchangeably used. I've seen many times titles like "country X supports Bitcoin" and then you read the article and they are actually talking about CBDC or stablecoins.

I hope people won't start saying that "Russia will make Bitcoin a legal tender" and include it in that fake list of countries that will adopt Bitcoin next.

Im searching for this one because they do really make use of cryptocurrency as a default thing or been generalized.

Edit: and as presumed then it is indeed saying about crypto.

https://nypost.com/2021/10/14/vladimir-putin-says-crypto-has-value-but-cant-be-used-in-oil-trade/
https://www.cnbc.com/2021/10/14/russias-putin-says-crypto-has-value-but-maybe-not-for-trading-oil.html

Well, its better rather than going in negative aspects.