Dmitry Peskov, the official representative of Russian President Vladimir Putin, said that Russia has no reason to recognize Bitcoin (BTC) as legal tender.
It has been reported that 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.”
However, 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.”
The report said that 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.
Thus, 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.”