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Crypto: Russian president Putin says crypto ‘has value’

Russian President Vladimir Putin said cryptocurrencies have value, but they can’t be used to settle oil trades yet.

“Cryptocurrency is not backed by anything yet,” Putin said during a CNBC interview at the Russian Energy Week event on Wednesday.

“It exists and may be used as means of payment, but to use it in trading in oil or other energy resources — it’s too early to talk about this,” Putin said. “It is very unstable.”

Russia is rolling out its own central bank digital currency, or CBDC. In June, Bank of Russia named 12 banks that will be involved in the initial testing of the digital Ruble. The central bank plans to create a prototype of digital Ruble by December this year.

The top cryptocurrencies are mostly trading in green on Thursday. Bitcoin
BTCUSD,
+1.01%

is trading at $57,796, up 4.8% over the past 24 hours. Ethereum
ETHUSD,
+4.52%

recorded an 8% gain over the past 24 hours, recently trading at $3,755. XRP
XRPUSD,
+2.24%

went up 4.1% over the past 24 hours, trading at $1.14.

Dogecoin
DOGEUSD,
+3.72%

rose 6.1% over the past 24 hours, trading at $0.24. Polkadot
DOTUSD,
-0.43%

rallied 19% over the past 24 hours, trading at $41.4.

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