Russian President Vladimir Putin thinks cryptocurrencies have value — but he's not convinced they can replace the U.S. dollar in settling oil trades.
"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." The Russian leader also flagged cryptocurrencies' massive consumption of energy as a potential barrier to their use. Bitcoin requires lots of computing power to process transactions and mint new tokens.
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