Source: by Vince Quill
However, the Russian President also cited concerns with the volatility of digital assets and cryptocurrencies, saying that it was still too early to settle oil trades in digital assets.
That being said, he still signaled that Russia is aiming to replace its U.S. Dollar reserves with some sort of digital asset or cryptocurrency on a longer-term scale.
For those unfamiliar with the status of our currency, here is a concerning fact: the only reason our Dollar currently holds the coveted status of global reserve currency is due to its use as the petrodollar.
Basically, all oil trades must be settled in U.S. Dollars. Whether you are selling or buying oil internationally—you must pay, and receive payment in Dollars.
Because of this, pretty much every single country on the planet keeps U.S. Dollar reserves.
Vladimir Putin’s concerns over crypto volatility and oil trades is spot on. These assets fluctuate too wildly to serve as a way of settling oil trades, but what happens when they aren’t?
Cryptocurrencies and digital assets are fairly new, and any new asset class is going to have a fair amount of volatility present in its market, but things change.
As people continue to adopt cryptocurrencies, countries begin to recognize them as legal tender, and regulations set in, the volatility will no doubt decrease.
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Author: Nwo Report
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