Putin: “any conversations about BTC payments in the oil industry are not well-timed”. G7 makes the recommendation list for national cryptocurrencies developing

Vladimir Putin about payments for oil in crypto: “It’s too early to discuss it”

The Russian leader Vladimir Putin has given an interview to the CNBC channel, which runs over business news and topics. Hadley Gamble, a CNBC journalist, asked about possible cryptocurrency payments for signing oil supply contracts during the discussion.

“Oil contracts for crypto payments? It’s too early to discuss it. Although cryptocurrencies could be a payment unit, it’s still precarious. We can admit it could be helpful for payment transactions, but for energy resources trading? In my opinion, it’s too rashly. And it’s not been backed by anything yet”, says the Russian president.

Putin notes cryptocurrencies have chances for holding positions in the world’s payment system, but they can be used as a payment tool only in the future.

Group of Seven announced recommendations on developing national cryptocurrencies

The finance ministers and Central Bank’s heads, who’re in charge of Group of Seven, published the recommendation list for further developing national cryptocurrencies. CBDC (digital base money) should “support and do not make any harm” to Central Banks functions to ensure monetary and financial stability.

According to G7, CBDC could complement fiat money, becoming a liquid and safe settlement asset linked to payment systems. Such a tool must comply with generally accepted confidentiality, transparency, and accountability rules to protect user information.

“Any CBDC should be settled based on public commitment to transparency, the rule of law and sound economic governance”, the document says.