Crypto Has Value: Putin, Russian President Says.

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

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.”

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“I believe that it has value,” he 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.”

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