Cryptocurrency News

Russia Has No Plan To Adopt Cryptocurrencies

Crypto adoption is on the rise, and what was believed as a complete myth has just been executed by El Salvador when the country decided to adopt Bitcoin as a legal tender. World Bank, IMF, and every other big financial corporate were against this decision, and they advised El Salvador not to go through with it, but the country stabilized and knitted Bitcoin into their financial framework anyway. This has sent shockwaves throughout the world, and many countries are now seriously considering going for Bitcoin and its adoption within their legal and financial framework; one such example is Ukraine as it recently passed a bill to adopt Bitcoin but not as a legal tender and only as a mean of payment or a secondary currency.

Russia, on the other hand, has stated through Kremlin that they have no mind or plan to adopt Bitcoin as a legal tender, not now and certainly not for the foreseeable future. Russia thinks of Bitcoin as a pseudo currency, and according to Dimitri Peskov, a spokesman for the government, these currencies can harm the financial system and even burn it to the ashes if not tended to brightly. Russia has always been a strict critic of cryptocurrencies, and especially Bitcoin; it has prevented its banks and public officials from owning them or having any kind of intervention with the decentralized finance whatsoever.

Russia May Ban Crypto Mining

The only reason why Russia is taking such a hard stance against Bitcoin is that it has the role model of China in front; China is another country with a severe stance against Bitcoin, as evident from the recent crackdown against the crypto miners, which led to the most catastrophic mid-may crash of the entire crypto market. If in the future these countries have to adopt the decentralized finance, then they are going to bring their own tokens into the game.

They don’t trust Bitcoin nor any other cryptocurrency there is, so adopting these cryptocurrencies is out of the question for these states and countries. No one knows if this hard stance over Bitcoin would change in the future for Russia or China, but at the moment, they are not showing any leniency to Bitcoin or any other cryptocurrency for that matter.

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