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Putin Says Crypto Can’t Yet Replace Dollar in Settling Oil Trades: Report
The Russian president said it’s too early for that.
Updated May 11, 2023, 6:29 p.m. Published Oct 14, 2021, 6:13 p.m.
Russian President Vladimir Putin said that he doesn’t think crypto can replace the U.S. dollar in settling oil trades yet, though he does believe it has value.
- Putin had been asked whether he thought bitcoin or other crypto could be used as an alternative to the dollar in the context of U.S-imposed dollar-denominated economic sanctions.
- Putin told CNBC on Wednesday that it’s too early to talk about using crypto in the trading of energy sources.
- “I think it’s too early to say about the oil trade in cryptocurrency,” Putin said, though he added that he does believe crypto has value and may exist as a means of payment.
- Putin, however, did stress that Russia would “have no other choice but to move transaction in other currencies,” should the U.S. continue to the use the dollar as a sanction instrument.
- “This dollar is a competitive advantage. It is a universal reserve currency, and the United States today uses it to pursue political goals, and they harm their strategic and economic interests as a result,” Putin said.
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Read more: Fearing Being Cut Off From SWIFT, Russia Hints About Blockchain Alternative: Report
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Що варто знати:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Key U.S. Senator on Crypto Bill, Lummis, Negotiating Dicey Points With White House
The Republican lawmaker who is among the core negotiators on the U.S. market structure bill said the White House has rejected some ethics language.
Що варто знати:
- Sen. Cynthia Lummis (R-Wyo.) said she is negotiating with the White House on behalf of Senate Democrats trying to insert ethics provisions into Congress' market structure legislation.
- Lawmakers should reveal a new draft market structure bill by the end of the week and hold a markup hearing next week, she said.
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