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While Russia has taken many important steps regarding the international use of Bitcoin and cryptocurrencies, it opposes their use within the country.
At this point, Russia’s stance on cryptocurrency payments is becoming increasingly clear, with Anatoly Aksakov, chairman of the State Duma’s Financial Markets Committee, opposing the use of cryptocurrencies in payments.
Speaking to local news agency TASS, Anatoly Aksakov made his position on the matter clear. Aksakov stated that cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) could never be accepted as money in Russia.
Aksakov, emphasizing that all payments in Russia should only be made in rubles, states that cryptocurrencies should only be used as an investment tool.
“We must understand that cryptocurrencies will never become a currency in Russia. Cryptocurrencies can only be used as an investment tool. When payments are required, they must be made only in rubles.”
With these statements, Aksakov made it clear that Bitcoin and other cryptocurrencies would never be allowed to be used for payments for goods and services within the country, reiterating that cryptocurrencies would not be recognized as legal tender in Russia under any circumstances.
Instead, lawmakers view cryptocurrencies as speculative instruments. According to them, cryptocurrencies can be held or bought and sold, but cannot be used for everyday transactions and payments between individuals or businesses.
*This is not investment advice.