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.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.