In the wake of El Salvador's adoption of Bitcoin (BTC) as the country's main currency, the Russian government has publicly denounced the use of crypto as a mainstream option.
According to Dmitry Peskov, a representative of Russian President Vladimir Putin, Russia has no reason to recognize BTC as an official currency or a legal tender, as is the case with El Salvador.
Peskov argued that bringing BTC into mainstream finances would lead to various financial and economic difficulties for the country. Russia is not ready to embark on such initiatives, Peskov added.
Russia does not just think that crypto is a bad idea, but it has also acted to suspend most of it.
State Duma member Anatoly Askalov designed a plan to suspend crypto payments, describing such transactions as the “destruction of a financial system”.
The country suspended all digital payments in January 2021, although Russians can still legally buy, trade and sell BTC assets on exchanges. However, the government is opposed to allowing cryptocurrencies as a payment option.