Kremlin: Russia Holding off on Accepting BTC as Legal Tender

Russia remains skeptical of the financial system benefits that come as a result of accepting cryptocurrencies as legal tender.

El Salvador accepting Bitcoin (BTC) as a legal tender has made quite a few tides. With Panama moving forward on embracing cryptocurrencies, Russia has once again expressed its reluctance on accepting Bitcoin (BTC) as legal tender.

Russian news agency RIA Novosti reported on Tuesday that President Putin’s Official Representative Dimitry Peskov stated that Russia has no plans of accepting Bitcoin (BTC) as a currency.

Per Peskov, an acceptance of cryptocurrencies as legal tender would be hazardous to the country’s economy and financial system, because Russia is not quite there yet.

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Apart from Peskov, a similar statement was issued by the member of the State Duma and a key contributor to the cryptocurrency payment ban in Russia  Anatoly Aksakov who explicitly said that the accepting of cryptocurrencies will undeniably constitute a financial system destruction and collapse. 

In January 2021, Russia issued a crypto law that forbids cryptocurrency payments, although Russians are not prohibited from holding and trading cryptocurrencies. 

Also read: Solana Reaches All-Time High by Passing Dogecoin and Surpassing $50 Billion Market Capitalization

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