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Russia is not ready to accept bitcoin as a legal entity

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  Bitcoin

TL; DR failure:

  • Russia has not spoken of accepting bitcoin as a legal entity.
  • A Kremlin spokesman said bitcoin was harmful to the financial system.

Following the news of Bitcoin legalization in El Salvador, people speculated that more countries would likely follow suit. Russia will not be one of them. According to Sputnik, Dmitry Peskov, a spokesman for the Moscow Kremlin, said the country was not ready to accept digital currency as a legal tender.

Russia refuses to accept bitcoin

Peskov believes that bitcoin can disrupt the country’s economic system. He warned that if the government accepted bitcoin as a legal entity, it would be detrimental to Russia’s financial system. “Russia is not ready for this and there is no reason to do so,” Peskov said.

This is not surprising given that the Russian government has not always been the friendliest digital currency. In June, central bank governor Elvira Nabiulina said “speculative cryptographic assets” were the most risky investment available. Earlier this year, the government banned civil workers from owning encrypted assets.

Bitcoin acceptance has expanded in Central America

Peskov’s remarks come amid development in El Salvador. As reported by Ramzifa, the Central American country officially approved bitcoin as a legal tender on September 7. This freedom allows the use of cryptocurrencies within the country. In addition, the government also has HODLing 550 BTC in stock.

Panama, another Central American country, is also ready to accept bitcoin. On Tuesday, Congressman Gabriel Silva revealed that they have introduced an encryption law to identify and regulate bitcoin and other cryptocurrencies in the country. According to Silva, digital currency has the potential to “create thousands of jobs, attract investment and make government more transparent.”