He noted that everything is developing and has the right to existence

Putin admits possible use of cryptocurrencies as means of hoarding

MOSCOW, October 14. /TASS/. Cryptocurrencies can be used in future as means of hoarding but today its is "somewhat early" to speak about it, Russian President Vladimir Putin said in an interview with CNBC that was posted on the Kremlin website on Thursday.

When CNBC journalist Hadley Gamble asked the Russian president when settlements under oil contracts would be made not in dollars but, for instance, in cryptocurrencies, the Russian president noted that cryptocurrencies could be used as a settlement currency but they are instable and unsecured. "Contracts in cryptocurrencies? Now it is too early to speak about it <…> To transfer means from one place to another - yes, but to use them in trade, the more so trade in energy resources, I think it is too early. They can be used as a settlement means but to use them in oil trade, say, or other primary materials and energy sources - well, I think it is somewhat early to speak about it," he said.

He noted however that everything is developing and has the right to existence. "We will see how it develops. Maybe, someday they can be used as a means of hoarding," Putin said. "We see how this market is fluctuating. Today, it is somewhat early."

When asked whether he thinks that cryptocurrencies cost nothing, he said, "Why? It costs. But can it be used as a unit of settlement in purchase and sale of oil? This is what I am talking about." "And after all, you know that much energy is needed for issuing. And traditional types, first of all, hydrocarbons need to be used, at least so far, for that," he added.

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