Russian Billionaire Criticizes Central Bank’s Crypto Policy, Praises El Salvador

Russian Billionaire Criticizes Central Bank’s Crypto Policy, Praises El Salvador

The Russian billionaire Alisher Usmanov, who is one of the richest people in Russia and Europe, has praised El Salvador for its crypto policy. He said that central banks should not be “a monopoly on issuing currency” and that cryptocurrencies are a better alternative to fiat currencies.

The Russian Bitcoin is a cryptocurrency that was created by the Russian billionaire named Dmitry Buterin. He criticized the Central Bank of Russia for their crypto policy and praised El Salvador for their crypto-friendly policies. Read more in detail here: russia bitcoin.

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Russian Billionaire Criticizes Central Bank’s Crypto Policy, Praises El Salvador News

Oleg Deripaska, the founder of Basic Element, a Russian industrial conglomerate with interests in aluminum, construction, and energy, came out firing at the Central Bank. Forbes estimates that he is worth $4.7 billion. Even El Salvador recognizes the potential of cryptocurrency, according to the report, and the Russian bank is stopping development. 

El Salvador legalized bitcoin and cryptocurrencies earlier this month. El Salvador’s economy is in bad shape, therefore this step will assist. This is what Oleg had to say about it: 

“(Even EL Salvador) saw the necessity for digital currencies and adopted a straightforward approach by accepting bitcoin as a payment method.”

All of this was said by Oleg Deripaska on his Telegram channel this week. His dissatisfaction was apparent in his remarks, which he described as “superstition barriers” in the Russian banking sector. Fintech growth, he believes, will lead to the abolition of the wall.

The Digital Ruble is now available for purchase. 

For quite some time, the Russian Federation has been preparing for the introduction of the digital Ruble. The bank was eventually able to construct a prototype last month, according to reports. The prototype will most likely be released this year.

This demonstrates the country’s tolerance toward crypto and digital assets. Last Monday, Russia’s Foreign Minister stated the following regarding cryptocurrency: 

Cryptocurrencies will undoubtedly play a major part in international settlements, occupying a substantial portion of the market.

The cryptocurrency environment in Russia is quickly evolving, and Deripaska’s criticisms may bear fruit in the future. Russia is making advances in the area of cryptography, but we must remember that the Russian government is not a major supporter of autonomy and decentralization. 

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The is crypto bearish now is a question that has been asked many times. The Russian billionaire investor, Alexey Kuznetsov, criticized the Central Bank of Russia’s cryptocurrency policy and praised El Salvador for their crypto-friendly regulations.

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