Dmitry Peskov, the acting press secretary for Russian President Vladimir Putin, said Friday that Russia has no reason to recognize Bitcoin, according to the RIA Novosti news agency.

In response to questions following the enactment of El Salvador’s law making Bitcoin legal tender, Peskov said the country is “not ready for such steps.’

In his statement to the press, Peskov said that he is unconvinced that adopting Bitcoin would bring any benefits to the Russian Federation.

He added that Bitcoin is a “quasi-currency” and said that he believes equating it to official fiat monetary instruments wouldn’t do anything but harm the country’s domestic financial system.



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