Kremlin: Russia not ready to recognize bitcoin as official means of payment

Russia is not ready to recognize bitcoin as an official means of payment, since this measure can do nothing but harm, Russian presidential spokesman Dmitry Peskov told reporters on Tuesday.

"Russia is unambiguously not ready for such steps, and so far there is not a slightest reason to take such steps," he said.

According to him, equating such quasi-currencies with monetary instruments "can do nothing but harm the financial and economic system, if we are talking about full recognition as a means of payment."

Bitcoin is a decentralized system of the eponymous cryptocurrency based on blockchain technology. It can be issued by any user who is a member of the system. The system concept was published in November 2008, but has exploded in popularity in recent years.