The answer is no, the Quran can be read in any language:
The Quran was revealed in Arabic, but God promised to be its teacher (55:1-4) and the One to explain it (75:18-19). God told us in the verse (41:44) that language is irrelevant, and that only the sincere ones are going to understand the Quran irrespective of their language; while those who are not sincere or failed to worship Him alone will fail to understand it, even if they speak, read, and write Arabic (56:79).
In a lot of non-Arabic speaking countries Muslims are forced as children to read the Quran in Arabic and still as adults read the Quran in Arabic but they do not understand a single word of what they read. What good is it to read the Quran like a parrot without understanding its meanings or like a donkey carrying valuable books (62:5)? It does not make any sense. The blessing of the Quran does not come by just reading it, but it comes by understanding it and accepting its message. The majority of those who learn Arabic to study the Quran do not excel enough to understand the implications or interpretations of certain words when used in a special way in the Arabic language. Therefore, if you wait until you become a good Arabic speaking person, you may waste a lot of precious time of your life before being able to read the Quran.
Of course, if you insist in reading the Quran in Arabic you can do so by studying the Arabic language and reading the Quran in English at the same time. The Quran is a message, not just another beautiful language book. We have to trust God and know that He is the teacher of the Quran. He will teach it in any language and to any nationality, He created all things.
The Contact prayer should be performed in Arabic language.
We learn from the verse (2:37) that God gives us the words by which we establish contact with Him. We must utter the specific sounds dictated in the first chapter of the Quran "Sura 1" or "The Key" or "Al-Fatiha". The Arabic sounds of "The Key" represent a numerical combination that opens the treasure. This is all the Arabic you need to know. Reciting "The Key" in Arabic unifies all Submitters of the world, regardless of their languages.
On the other hand, the intention to observe the Contact Prayer can be stated in your own language.
The Sura 1 is mathematically coded:
When you recite "The Key" in Arabic, your lips touch each other precisely 19 times.
Your lips touch each other where the letters "B" and "M" occur. There are 4 "B's" and 15 "M's" and this adds up to 19. The gematrical value of the 4 "B's" is 4x2=8, and the gematrical value of the 15 "M's" is 15x40=600. The total gematrical value of the 4 "B's" and 15 "M's" is 608, that is 19x32.
Translation of the verses cited in this page:
[55:0] In the name of God, Most Gracious, Most Merciful
[55:1] The Most Gracious.
[55:2] Teacher of the Quran.
[55:3] Creator of the human beings.
[55:4] He taught them how to distinguish.
[75:18] Once we recite it, you shall follow such a Quran.
[75:19] Then it is We who will explain it.
[41:44] If we made it a non-Arabic Quran they would have said, "Why did it come down in that language?" Whether it is Arabic or non-Arabic, say, "For those who believe, it is a guide and healing. As for those who disbelieve, they will be deaf and blind to it, as if they are being addressed from faraway."
[56:79] None can grasp it except the sincere.
[62:5] The example of those who were given the Torah, then failed to uphold it, is like the donkey carrying great works of literature. Miserable indeed is the example of people who rejected GOD's revelations. GOD does not guide the wicked people.
[2:37] Then, Adam received from his Lord words, whereby He redeemed him. He is the Redeemer, Most Merciful.