Russian oligarch Deripaska blasts Bank of Russia for ignoring Bitcoin
The Bank of Russia has long been the world’s most important financial regulator, and it has been a bitter pill to swallow for investors who’ve seen the Russian economy, which was once the envy of the world, suffer through several years of recession and low oil prices.
Billionaire Ruslan Deripaska has supposedly invested $100 million in Bitcoin-related companies, and he is pissed about the Bank of Russia’s decision to make Bitcoin illegal. The oligarch, who is one of Russia’s wealthiest men, is so upset that he is threatening to leave the country, and he has demanded that the central bank address the issue
Russian tycoon Oleg Deripaska is the latest celebrity to criticize the Bank of Russia’s stance on regulating cryptocurrencies in the country. Deripaska took to his official Telegram channel on Thursday to accuse the Russian central bank of pressuring the crypto industry to avoid exposure to cryptocurrencies like Bitcoin (BTC). The Russian oligarch noted that even small countries like El Salvador have switched to bitcoin and recognize it as legal tender: Even poor El Salvador, Honduras’ famous neighbor, has realized the need for digital currency and has taken the easy way out by recognizing bitcoin as a means of payment. Deripaska then criticized the central bank for its incompetent response to developments in the crypto industry, particularly the bank’s statements regarding the digital ruble. He argued that the Bank should provide a real financial instrument to ensure independence in foreign trade. Related: Russian central bank policies prevent Tinkoff from offering cryptocurrency exchanges, its CEO said. Deripaska, one of Russia’s richest men, is the founder of Basic Element, one of Russia’s largest industrial conglomerates, and Volnoe Delo, Russia’s largest charitable foundation. The billionaire and his companies have been under sanctions by the U.S. Treasury Department since April 2018, with some of the Office of Foreign Assets Control charges including money laundering, bribery and extortion. His latest attempt to lift the sanctions failed, Reuters reported. While Deripaska openly criticized the Bank of Russia for bitcoin, he joined other critics, including Russian Duma deputy Fedot Tumusov, who recently said the bank lacks understanding of cryptocurrencies: Cryptocurrencies are a reality. You either accept it or you lose.
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