Russia not ready for Bitcoin legal tender, says Putin spokesman Peskov. – Bitcoin regulation news

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Russia does not have any reason to recognize bitcoin, said President Putin’s press secretary. This was after El Salvador became the first country in the world to adopt the digital currency as legal tender. Dmitry Peskov stated in a press release that he believed that such a move would not be of any benefit to Russia.

Russia’s Kremlin does not support Bitcoin adoption

According to Dmitry Peskov (press secretary to Russian President Vladimir Putin), the Moscow government doesn’t see any reason to recognize bitcoin at this time. It was described by the Kremlin representative as a quasi-currency. He said that it would only harm Russia’s economic and financial system if bitcoin were made equivalent to official monetary instruments. Peskov stated:

Russia is obviously not ready to take such measures.

The statement CiteThe Republic of El Salvador was the first country to recognize Bitcoin (according to RIA Novosti news agency Tuesday).BTC) as legal tender for payments in its jurisdiction. According to News, El Salvador’s Bitcoin law was implemented on September 7. It makes the most market-capitalized crypto, along with the US dollar, a national currency.

Residents of the small Central American nation are now able to use cryptocurrency to pay for goods, services, and even their own currency. BTC. Taxpayers can also use bitcoin to pay their state obligations. Monday’s announcement by President Nayib Bukele that his government has also started buying bitcoin was made by Nayib. BTC, later announcing that the country had acquired 200 coins, bringing the total it holds to 400, and then “buying down” with another 150 coins when the price fell below $ 43,000.

Russia, however is far from accepting cryptocurrency legal tender. Moscow has partially regulated coins and tokens with the new “digital financial assets” law that came into effect at the start of this year. It recognizes cryptocurrencies as property, but prohibits their use for payment.

According to the country’s current legislation, the national fiat ruble remains the only legal tender and “currency substitutes” are prohibited in the Russian Federation. The Bank of Russia is the country’s central banking institution that has repeatedly opposed the adoption of a decentralized digital currency. A prototype digital ruble will be launched by the Bank of Russia by the end of 2021.

Russian media reported that members of Russia’s lower house, the State Duma (the Russian parliament’s lower house), had begun work on amending the Civil Code to allow crypto assets to be used as contractual payment methods. The changes, if approved, will allow parties to a contract, to pay each other with cryptocurrency, but only according to their agreement.

Do you think Russia’s stance on cryptocurrency will change in the future? Please share your hopes and fears in the comments section below.

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