Russian billionaire says Bank of Russia should adopt bitcoin 

Recently, Oleg Deripaska, a Russian billionaire industrialist, criticized the Bank of Russia for its highly restrictive policies towards digital assets. He made this statement through his Telegram account.

According to him, this is one of the major reasons why Russians haven’t yet tapped the full potentials of bitcoin. That is why he suggested that Russia’s central bank should add bitcoin as one of the country’s official payment methods.

He also highlighted the importance of having a real financial instrument that would allow Russia to gain independence from foreign trade settlements.

He even made El Salvador as an example, reminding the country’s bold decision to make bitcoin its official legal tender.

The billionaire said: “[El Salvador] has realized the need for digital currencies and taken a simple path, recognizing bitcoin as a means of payment.”

Controversies

Deripaska was once the richest man in Russia but lost the top spot when the 2008 financial crisis swept the world. He is also the founder of Voloe Delo, Russia’s largest charitable institution.

But even with his massive charitable activities and sterling achievements in the field of business, the US Department of Treasury has accused him of threatening the lives of his fiercest business rivals.

He was also accused of other illegal activities such as wiretapping government officials, racketeering, and extortion.

Support for the crypto

It is unclear when Russia would make a big jump on bitcoin, but it has made moves recently to officially recognize cryptocurrencies as legal and acceptable in the country.

The lawmakers have passed, just a few months ago, legislation recognizing cryptocurrency as property. According to the law, crypto investors with transactions that exceed 600,000 rubles ($8,184) are required to declare them.

 

Image courtesy of Cointelegraph News/YouTube

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