London Daily

Focus on the big picture.
Friday, Aug 08, 2025

Putin’s Spokesman: Russia Is Not Ready To Adopt Bitcoin As Legal Tender

Putin’s Spokesman: Russia Is Not Ready To Adopt Bitcoin As Legal Tender

Russian Federation has no reason to recognize bitcoin. President Putin’s press secretary Dmitry Peskov made remarks to the press, after El Salvador's Bitcoin Law came into effect adopting the digital coin as legal tender. According to Peskov such a move would not bring any benefits to the Russia.

The Russian government sees no reason to recognize bitcoin – at least for now – according to Dmitry Peskov, press secretary of Russian President Vladimir Putin. Representing Kremlin the spokesman insisted that equating bitcoin to official monetary instruments wouldn’t do anything but harm Russia’s financial and economic system. Speaking to reporters, Peskov emphasized: “Clearly, Russia is not ready for such steps.”

Peskov also called Bitcoin a quasi-currency. “It is unambiguous that Russia is not ready for such steps,” he told reporters.

El Salvador became the first country in the world to legalize bitcoin as a means of payment. Now they can be paid on a par with the dollar. The law notes that the type of exchange will be dictated by the market, all prices can be expressed in cryptocurrency, and taxes can also be paid with it. After that, the bitcoin rate reached 52.9 thousand dollars.Bitcoin, Bitcoin is an electronic currency based on a public ledger called the blockchain, or “blockchain”. It is stored by all clients (participants) of the payment system and contains the entire history of transactions on the network. Bitcoin is completely anonymous, and its rate is regulated only by the market based on supply and demand.

Russia is a long way from accepting any cryptocurrency as legal tender. Moscow partially regulated coins and tokens with the new law “On Digital Financial Assets” which entered into force at the beginning of this year. Its provisions recognize cryptocurrencies as property but prohibit their use for payments.

According to the country’s current legislation, the national fiat ruble remains the only legal tender, and “money surrogates” are banned in the Russian Federation. Bank of Russia, the country’s central bank which has categorically opposed the adoption of decentralized digital money, is preparing to launch a digital ruble prototype by the end of 2021.

Russian media reported in May, however, that members of the State Duma, the lower house of Russia’s parliament, had started working on amendments to the Civil Code that would permit the use of crypto assets as contractual means of payment. If approved, the changes will allow parties to a contract to pay each other with cryptocurrency, only under the terms of their agreement.

A recent survey found that 77% of Russians find crypto assets more interesting investment that traditional investment products.

Source: Putin’s Spokesman: Russia Is Not Ready To Adopt Bitcoin As Legal Tender – Fintechs.fi

Newsletter

Related Articles

0:00
0:00
Close
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
OpenAI Launches GPT‑5, Its Most Advanced AI Model Yet
Embarrassment in Britain: Homelessness Minister Evicted Tenants and Forced to Resign
President Trump nominated Stephen Miran, his top economic adviser and a critic of the Federal Reserve, to temporarily fill an open Fed seat
The AI-Powered Education Revolution: Market Potential and Transformative Impact
Chikungunya Virus Outbreak in Southern China: Over 7,000 Hospitalized
French wine makers have seen catastrophic damage to vines that were almost ready to be harvested after the worst fires in more than 70 years burned through the south of the country
US Lawmaker Probes Intel CEO’s China Ties Amid National Security Concerns
Brazilian President Lula says he’ll contact the leaders of BRICS states to propose a unified response to U.S. tariffs
Trump Open to Meeting Putin as Soon as Next Week, with Possible Trilateral Summit Including Zelenskiy
Katy Perry and Justin Trudeau spark dating rumors, joining high stakes world of celeb-politician romances
US envoy Steve Witkoff arrived in Moscow to seek a breakthrough in the Ukraine war ahead of President Trump’s peace deadline
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Karol Nawrocki Inaugurated as Poland’s President, Setting Stage for Clash with Tusk Government
Trump Signals JD Vance as ‘Most Likely’ MAGA Successor for 2028
US Charges Two Chinese Nationals for Illegal Nvidia AI Chip Exports
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
U.S. Tariff Policy Triggers Market Volatility Amid Growing Global Trade Tensions
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
Representative Greene Urges H-1B Visa Cuts Amid U.S.-India Trade Tensions
U.S. House Committee Subpoenas Clintons and Senior Officials in Epstein Investigation
Sydney Sweeney Registered as Republican as Controversial American Eagle Ad Sparks Debate
Trump Accuses Major Banks of Politically Motivated Account Denials and Prepares Executive Order
TikTok Removes Huda Kattan Video Over Anti-Israel Conspiracy Claims
Trump Threatens Tariffs on India Over Russian Oil Imports
German Finance Minister Criticizes Trump’s Attacks on Institutions
U.S. Proposes Visa Bond of Up to $15,000 for Some Applicants
U.S. Farmers Increase Lobbying Amid Immigration Crackdown
Elon Musk Receives $23.7 Billion Tesla Stock Award
Texas House Paralyzed After Democrats Walk Out Over Redistricting
Mexican Cartels Complicate Sheinbaum’s U.S. Security Talks
Mark Zuckerberg Declares War on the iPhone
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
×