Kremlin Says Russia Is Not Ready To Accept Bitcoin As A Legal Offer

With El Salvador formally accepting Bitcoin (BTC) as authorized tender right this moment, the Russian authorities has reiterated its detrimental stance on a state of affairs the place BTC could possibly be accepted because the official foreign money.

Dmitry Peskov, the official consultant of Russian President Vladimir Putin, claims Russia has no purpose to acknowledge Bitcoin as authorized tender, native RIA Novosti information company reported on Sept. 7.

The consultant of the Kremlin argued that aligning cryptocurrencies like Bitcoin with conventional financial devices would solely do hurt to the nation’s financial and monetary system.

“It is clear that Russia is not ready for such steps,” mentioned Peskov.

Peskov’s newest remark is in keeping with the Russian authorities’s long-standing skeptical stance in direction of Bitcoin and reiterates the same assertion by Anatoly Aksakov, a member of the State Duma and chief architect of the Russian cryptocurrency cost ban. Last August, Aksakov argued that adopting cryptocurrencies as a method of cost primarily means “the destruction of the financial system”.

Related: Survey Shows 77% of Russian Investors Prefer Bitcoin to Gold and Foreign Exchange

In January 2021, Russia formally banned the cost of cryptocurrencies within the nation as a part of the nation’s most vital cryptocurrency legislation, “On Digital Financial Assets”. The legislation does not prohibit Russians from shopping for or delivering cryptocurrencies like Bitcoin. In May 2021, a number of Russian lawmakers reportedly thought-about partially lifting the ban on crypto funds and reportedly contemplating modifications to permit crypto funds as a “contractual vehicle”.