Cryptocurrency

Russia Gives Shocking Bitcoin Legal Tender Verdict

Russia Gives Shocking Bitcoin Legal Tender Verdict

  • Russia has announced that it will not follow El Salvador’s steps in making Bitcoin a legal tender
  • The secretary of President Putin, Dmitry Peskov says that the country currently sees no benefit in making the cryptocurrency an official currency
  • Peskov stated that equating bitcoin to official monetary instruments would only harm the financial system of the country

Russo has announced that it will not be making Bitcoin a legal tender despite El Salvador leading the move.

President Putin’s press secretary Dmitry Peskov made this known in a statement released to the press on Tuesday.

Peskov stated that he doesn’t believe that the adoption of BTC will bring any benefit to the Federation.

The secretary described the cryptocurrency as a quasi-currency, adding that it would only hurt Russia’s economy at the moment.

Peskov’s statement was released following news that Central American country El Salvador had officially begun recognizing the world’s number one crypto as an official currency.

Bitcoin

El Salvador’s Bitcoin law took effect on September 7th making the flagship cryptocurrency become equally as recognized as the dollar in the country.

Residents of the country can now buy pay for goods using BTC and all prices are denominated in Bitcoin.

On the other hand, Russia is still some way from making BTC a legal tender.

The country partially regulated the asset recognizing it as property but prohibit its use for payments.

Follow Naija.fm on our social media handles FacebookInstagram, and Twitter to keep up with trending news, breaking news, entertainment news.

Show More

Related Articles

Back to top button