Russian Billionaire Criticizes Central Bank’s Crypto Policy, Says Even El Salvador Recognizes the Need for Bitcoin – Bitcoin News

Russian billionaire Oleg Deripaska wants the Bank of Russia, the country’s central bank, to adopt the cryptocurrency, citing El Salvador’s Bitcoin law as an example. El Salvador recently passed a law making Bitcoin legal tender in the country.

  • Billionaire Oleg Deripaska is the founder of Basic Element, a Russian industrial group focused on areas such as aluminum, energy, construction and agriculture. In 2018, the US Treasury Department imposed sanctions on Deripaska and some of its companies. His net worth is currently $ 4.7 billion, according to Forbes.
  • Deripaska commented on Bitcoin on his Telegram channel last week, criticizing the central bank’s cryptocurrency policy. He said that even a poor country like El Salvador “recognized the need for digital currencies and took an easy path – Bitcoin recognized as a means of payment”.
  • According to the World Bank, El Salvador suffers from persistently low growth and poverty reduction in the country has been moderate. Humanium estimates that four in ten people in El Salvador live in poverty.
  • El Salvador passed a law on June 9 to make Bitcoin legal tender. The country is now focused on mining Bitcoin using energy from volcanoes.
  • Deripaska questioned when the development of financial technologies (fintech) will “drill a hole in this superstition wall” of the Bank of Russia. He also questioned when Russian citizens will receive “a real financial instrument that ensures independence in foreign trade transactions” rather than just “formal responses and press releases about the ‘development of the digital ruble'”.
  • Last month, News reported that Bank of Russia is preparing to launch a prototype of the digital ruble by the end of the year. The digital currency of the Central Bank of Russia (CBDC) is conceived as a unique digital code that is stored in special electronic wallets and becomes a full-fledged means of payment that Russians can use alongside the regular ruble.
  • Meanwhile, Russia’s Foreign Minister Sergei Lavrov said last week that “the time will inevitably come when cryptocurrencies will play a very significant role and take up a very significant part of international payments.”

Do you think the Bank of Russia should follow El Salvador’s example and adopt Bitcoin? Let us know in the comment section below.

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