HomeCryptoRussia not ready to accept Bitcoin as legal tender, says Kremlin

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

Amid El Salvador formally accepting Bitcoin (BTC) as legal tender on Tuesday, Sept. 7, the Russian authorities has reiterated its unfavourable stance to a state of affairs the place BTC might be accepted as an official forex.

Dmitry Peskov, the official consultant of Russian President Vladimir Putin, claimed that Russia has no purpose to acknowledge Bitcoin as legal tender, native information company RIA Novosti reported on Tuesday.

The Kremlin consultant argued that placing cryptocurrencies like Bitcoin in step with conventional cash devices would deliver nothing however detriments to the nation’s monetary and financial system.

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

Peskov’s newest remarks come in step with the Russian authorities’s long-running skeptical strategy to Bitcoin, echoing the same assertion by Anatoly Aksakov, a member of the State Duma and a key architect of Russia’s ban on cryptocurrency funds. Last August, Aksakov argued that accepting cryptocurrency as cost would primarily imply the “destruction of a financial system.”

Related: Survey finds 77% of Russian traders want Bitcoin to gold and foreign exchange

Russia formally banned cryptocurrency funds within the nation as a part of the nation’s main crypto legislation, “On Digital Financial Assets,” in January 2021. The legislation does not prohibit Russians from buying or buying and selling cryptocurrencies like Bitcoin. In May 2021, some Russian lawmakers had been reportedly weighing a partial reversal of the crypto cost ban, contemplating amendments to permit crypto funds as a “contractual medium.”

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