The President of Russia said cryptocurrencies can serve as a payment method but considers it premature to use them in government exports of raw materials. Vitalik Buterin explained that Bitcoin is a platform where the value of the ecosystem depends on that of the currency.
The President of Russia, Vladimir Putin, opened the doors to cryptocurrencies as a payment method and a currency for international transfers. He told the television channel CNBC that cryptocurrencies have the right to exist and serve as a means of payment.
However, Putin believes it is too early to use them in the exports of oil, gas, and other raw materials. The head of state said it was premature to raise them to that level since nothing backs them.
He explained that they should see how the matter evolves before cryptocurrencies become a means of accumulation. He added that he perceived those assets as a fluctuating market.
The position of the Russian central bank is similar to that of its European counterparts. It has focused on warning citizens that cryptocurrencies are complex and highly volatile investment products.
This week, the Vice Minister of Finance, Alexei Moiseev, denied that Russia would take measures against crypto assets, like China. He also announced that the country would not ban transactions with cryptocurrencies in the short or medium term.
Buterin Explains the Main Difference Between Ethereum and Bitcoin
The co-founder of Ethereum, Vitalik Buterin, has long been an advocate for the cryptocurrency community. The 27-year-old recently expressed his views on his network, the first cryptocurrency Bitcoin, and the communities of both blockchains.
Buterin, referring to himself as a technological philosopher, shared that he was concerned that the cryptocurrency space could fall into a cultural trap. He said it was necessary to change current schools of thought among many proponents of the leading networks.
Buterin stated that flippening would take place in the future and explained why Ethereum could take over the market capitalization of Bitcoin. He said Bitcoin is a platform where the value of the ecosystem depends on that of the currency. However, he clarified that the value of the Ethereum cryptocurrency comes from that of the ecosystem.
Australia to Launch Its First Cryptocurrency ETF
In the face of growing interest in the approval of a Bitcoin ETF in the United States, the Australian Stock Exchange (ASX) is ready to introduce its first cryptocurrency-focused ETF. Australian ETF provider BetaShares is close to launching the BetaShares Crypto Innovators ETF, which will carry the ticker code CRYP.
However, the fund will focus on global companies instead of receiving direct support from any cryptocurrency. The company announced that they are working in the digital asset space.
Tesla Already Has USD 1 Billion in Profit from Holding Bitcoin
Tesla currently owns about 43,200 BTC, equivalent to around USD 2.6 billion at the time of writing this article, according to CoinGecko.
That amount is about 65% or USD 1 billion above what the electric car company paid in February. At the time, the firm of Elon Musk revealed that it had added USD 1.5 billion in BTC to its balance sheet.
By Alexander Salazar
