Sanctioned Russian tycoon urges the central bank to accept bitcoin

Russian tycoon Oleg Deripaska has once again urged the Russian government to stop ignoring Bitcoin (BTC) after the US Federal Criminal Police Office ransacked its homes in Washington and New York.

In an October 21 Telegram post, Deripaska argued that the Bank of Russia was “immature in ignoring the burgeoning crypto market,” while the US Treasury Department “has invested specifically in that direction.”

The billionaire stressed that cryptocurrencies like Bitcoin have great potential not only to help Russia circumvent US sanctions, but also to weaken the US dollar.

“The United States has long recognized that unregulated digital payments have the potential not only to neutralize the effectiveness of the entire economic sanction mechanism, but also to bring the dollar down as a whole.”

Deripaska specifically mentioned a review of U.S. sanctions published by the U.S. Treasury Department in October 2021. According to the tycoon, the US administration has “effectively recognized” that the growing fintech tools like cryptocurrencies pose a serious threat to the US dollar.

“This means that the development of an unregulated cryptocurrency market could expose the US Treasury Department to a possible default of $ 30 trillion in debt,” Deripaska said.

“It is time to open your eyes and take crypto seriously. In America’s aging economy, there are still many people ready to fight, ”he said.

Last Friday, the U.S. Treasury Department released a leaflet that gives crypto companies guidance on how to ensure they are complying with U.S. sanctions. In the document, the authorities say that the Office of Foreign Assets Control (OFAC) sanctions “apply to transactions in virtual currencies and those in fiat currencies alike”.

“Members of the virtual currency industry have a responsibility to ensure that they are not directly or indirectly participating in transactions prohibited by OFAC sanctions, such as handling people or assets, frozen assets, or prohibited trade or investment-related transactions. ”

Related: Russian wants to replace US dollar reserves with digital assets in the long term

Deripaska’s latest comments come after FBI agents raided homes linked to the tycoon in Washington and New York City on Tuesday. A representative from Deripaska said the searches were conducted on the basis of two court orders related to US sanctions. Deripaska was sanctioned by the US in 2018 as a close relationship with Russian President Vladimir Putin was reported.

The Russian tycoon has criticized the Russian central bank for rejecting Bitcoin in the past. In June, the billionaire argued that Russia must turn to cryptocurrencies in order to provide a “real financial instrument that allows independence in foreign trade transactions.”