fxs_header_sponsor_anchor

Russia not ready to accept Bitcoin as legal tender, says kremlin

Amid El Salvador officially accepting Bitcoin (BTC) as legal tender on Tuesday, Sept. 7, the Russian government has reiterated its negative stance to a scenario where BTC could be accepted as an official currency.

Dmitry Peskov, the official representative of Russian President Vladimir Putin, claimed that Russia has no reason to recognize Bitcoin as legal tender, local news agency RIA Novosti reported on Tuesday.

The Kremlin representative argued that putting cryptocurrencies like Bitcoin in line with traditional money instruments would bring nothing but detriments to the country’s financial and economic system.

“Clearly, Russia is not ready for such moves,” Peskov reportedly declared.

Peskov’s latest remarks come in line with the Russian government’s long-running skeptical approach to Bitcoin, echoing a similar statement by Anatoly Aksakov, a member of the State Duma and a key architect of Russia’s ban on cryptocurrency payments. Last August, Aksakov argued that accepting cryptocurrency as payment would essentially mean the “destruction of a financial system.”

Russia officially banned cryptocurrency payments in the country as part of the country’s major crypto law, “On Digital Financial Assets,” in January 2021. The law does not prohibit Russians from purchasing or trading cryptocurrencies like Bitcoin. In May 2021, some Russian lawmakers were reportedly weighing a partial reversal of the crypto payment ban, considering amendments to allow crypto payments as a “contractual medium.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.