Russian politicians were verbally attacked by both cryptocurrency and traditional businesses when a financier and a leader in the blockchain industry urged Moscow to soften its stance on crypto.

The tycoon also said Russia should get into crypto and take the industry seriously.

Russia should get into crypto

In a post on his Telegram channel, tycoon Oleg Deripaska told the staunch anti-crypto central bank to “get involved” in the crypto space and “take crypto seriously”. Deripaska is best known as the founder of Basic Element, one of the largest industrial groups in the country, and as the head of the aluminum giant RUSAL.

The tycoon warned that the US will withdraw in the crypto race and that Russia will risk being left behind if it continues to fail to understand the gravity of the situation.

He is cited to explain:

“It is time to open our eyes and take crypto seriously. While our central bank is still in its infancy and keeps an eye on the burgeoning cryptocurrency market, the US Treasury Department is investing in growth in this area. “

He also emphasized that politicians interested in crypto in Washington are “sharpening” the “weapons of economic defeat” – especially the cryptocurrency – with “new strength”.

Deripaska added that cryptocurrencies have the power to not only overcome “economic sanctions” but also the power to “devalue the dollar.”

However, in the comments section of the article, some have questioned exactly what American politicians are developing, asking whether or not there is really evidence that Washington actually has a project up the pipeline that the tycoon is alluding to or not. In fact, even though the private sector has been allowed to flourish, advances in every digital dollar are blazing fast.

Russia should get into crypto and end half-baked politics

RBC reports that the head of the Russian Association for Cryptocurrency, Artificial Intelligence and Blockchain Economy (RACIB) Yuri Pripachkin has come across Moscow’s “half-baked” efforts to regulate the sector.

After years of political controversy, Russia still lacks crypto-specific legislation as its own recognition and Moscow’s stance on cryptocurrencies remains confusing for most.

Pripachkin is quoted as saying that the country’s politics are characterized by “slowness” and “ambiguity”.

The director of RACIB said:

“Absolutely nothing was done to bring it to market [tiền điện tử] domestically out of the shadows, although the Russian region accounts for more than 10% of the world market. The revenue is comparable to the government’s annual federal revenue of $ 270 billion. “

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