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.

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.


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.

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.

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.

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.

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?

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.

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?

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.

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.