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Crude oil contracts settled using cryptocurrencies? Discussing this is premature now. Cryptocurrencies can indeed serve as a unit for settlement, but they are too unstable. If the intention is only to transfer funds from one place to another, that's no problem. However, when it comes to trade, especially in the energy sector, it is still too early in my view, not to mention using it in energy trading.
He continued to emphasize, "Using cryptocurrencies as a tool for settlement is certainly acceptable, but discussing the use of them in trading oil or other raw materials and energy—this, in my opinion, is still too early."
However, Putin did not deny the value of cryptocurrencies. He said, "I think cryptocurrencies have value, just not for use in oil trading."
Everything is evolving, and everything has the right to exist. We will observe how it further develops, and perhaps one day, it could become a savings tool. But considering the market volatility we witness today, it's a bit early.
Putin pointed out that the generation of cryptocurrencies consumes a significant amount of energy, which is a potential obstacle to their use. For example, Bitcoin requires substantial computing power to process transactions and mine new coins.
While Russia has repeatedly claimed that the U.S. has "weaponized" the dollar, Putin has also expressed a clear desire to reduce reliance on the dollar in trade: "I believe the U.S. is using the dollar as a tool for sanctions, and it's a big mistake. We have to do something about it."
At this point, one could say the U.S. is reaping what it sows. The dollar is a competitive advantage, a globally accepted reserve currency, and the U.S. is now using it for political purposes, damaging its own strategic and economic interests. |
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Post time 5-1-2024 12:42:18