Russia will not not follow El Salvador, Won’t Make Bitcoin Legal Tender

Local media reports of Russia confirmed that Russia will follow El Salvador Bitcoin adoption but they are not ready for Bitcoin as legal tender. 

Spokesperson Dmitri Peskov confirmed that they will not Legalise Bitcoin as a legal tender, reported by local media news. 

According to Peskov, Russia is not ready for this and also they didn’t make any plan for such a decision.  Peskov also said that legalization of bItcoin as a legal tender may be harmful for the traditional financial system. Peskov also described Bitcoin as a Quasi-currency, huge volatile nature.

After this statement, Peskov didn’t celebrate it for future decisions on crypto.

This announcement follows the historical decision of El Salvador to adopt Bitcoin as a legal tender. Right now citizens of El Salvador are using Bitcoin as a legal currency. And also the El Salvador government is buying bitcoin even in this recent crash. President Nayib Bukele confirmed through a tweet that they are adding more coins. 

Hesitation to accept Bitcoin as a legal tender

After the decision of El Salvador to adopt Bitcoin in use as a legal currency, many countries’ governments are thinking about how they can adopt Bitcoin as currency.

Most of the countries’ decision is in favour of legalisation but no one wants to legalise it as a currency and in most of the situations they called it non centralised & volatile in nature. 

Read also: Is BitGo Behind El Salvador’s Chivo Wallet?