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Russian billionaire Oleg Deripaska has branded the Bank of Russia as “infantile in ignoring the growing cryptocurrency market”.
In a Telegram post, Deripaska wrote that cryptocurrencies like Bitcoin have massive potential to not only help Russia avoid US sanctions but also weaken the US dollar, saying “the US had realised long ago that uncontrolled digital payments are capable of not only nullifying the effectiveness of the entire mechanism of economic sanctions but also taking down the dollar as a whole”.
After the United States Federal Bureau of Investigation raided his homes in Washington and New York this week, Deripaska decided to join other critics, including Russian State Duma member Fedot Tumusov, who recently argued the bank was short-sighted on crypto.
“Cryptocurrencies are the reality,” he said.
“Either we will accept it, or we will lose.”
US government is ‘afraid’ of crypto
According to Deripaska, however, the US authority “effectively admitted” that growing fintech tools like cryptocurrencies pose a serious threat to the US dollar.
“The development of the cryptocurrency market, uncontrolled by the state, can put the US Ministry of Finance in front of the prospect of default on an exorbitant 30 trillion dollar debt, which will require an amount of 700 billion US dollars to service – half of the Russian economy,” Deripaska said.
“It’s time to open your eyes and take cryptocurrency seriously. In the aging American establishment, there are still a lot of people willing to fight.”
Deripaska recently praised El Salvador for taking Bitcoin as a legal tender. The businessman wondered when the Bank of Russia would create a financial instrument that ensures independence in foreign trade settlements.
“When will the development of financial technology penetrate this wall of the superstition of our Central Bank?” he asked.
“When will we get a proper financial instrument that ensures independence in foreign trade settlements, instead of press releases about the development of the digital rouble.”
He added there was no answer to his question, because the Bank of Russia “prefers to tighten the screws and discuss allowing teenagers to trade on the stock market”.
“It’s time to open your eyes and take cryptocurrency seriously. There are still enough people willing to fight in the aging American establishment, and the weapons of economic destruction are being sharpened with renewed vigour,” he added.
“Or do we still want to remain a testing ground for its testing by a more prudent opponent.”