According to the Kremlin, Russia is not yet ready to adopt Bitcoin as legal cash.

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The Russian government maintains that payments in cryptocurrencies such as Bitcoin will devastate the country’s financial system.

In the midst of El Salvador formally embracing Bitcoin (BTC) as legal tender on Tuesday, Sept. 7, the Russian government has restated its opposition to the possibility of BTC being accepted as an official currency.

Dmitry Peskov, the official representative of Russian President Vladimir Putin, claimed that Russia has no reason to recognize Bitcoin as legal tender, local news agency RIA Novosti reported on Tuesday.

The Kremlin envoy stated that integrating cryptocurrencies such as Bitcoin into the country’s financial and economic system would be detrimental to the country’s financial and economic system.

“Clearly, Russia is not prepared for such moves,” according to Peskov.

Peskov’s current comments are consistent with the Russian government’s long-standing scepticism of Bitcoin, echoing a similar statement by Anatoly Aksakov, a member of the State Duma and a key architect of Russia’s cryptocurrency ban.

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Aksakov warned in August that accepting cryptocurrency as payment would effectively result in the “collapse of a financial system.”

Russia formally prohibited cryptocurrency payments in the country in January 2021 as part of the country’s main crypto regulation, “On Digital Financial Assets.” Russians are not prohibited by law from obtaining or trading cryptocurrencies such as Bitcoin. In May 2021, some Russian MPs were reportedly discussing amending the crypto payment ban to allow crypto payments as a “contractual medium.”

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