Russian oligarch Oleg Deripaska has once again called on the Russian government to stop ignoring bitcoin (BTC) after the US Federal Bureau of Investigation raided his home in Washington and New York.
In a Telegram message on Thursday, Deripaska said that the Bank of Russia “childishly ignored the growing cryptocurrency market,” while the US Treasury “specifically invested in this area.”
The billionaire stressed that cryptocurrencies like Bitcoin have tremendous potential to not only help Russia avoid US sanctions, but also to weaken the US dollar, saying:
The United States has long recognized that uncontrolled digital payments can not only overturn the entire mechanism of economic sanctions, but also depress the dollar as a whole.
Deripaska made special mention of the US Sanctions Review published by the US Treasury Department in October 2021. According to the oligarch, the US authorities have “effectively acknowledged” that rising financial technology instruments such as cryptocurrencies pose a serious threat to the US dollar.
“This means that the development of the cryptocurrency market, which is not controlled by the state, could lead to a default of the US Treasury due to a debt of $ 30 trillion,” Deripaska said.
“It’s time to open your eyes and get serious about cryptocurrency. There are still many in the old American establishment who are ready to strike back.
Last Friday, the US Treasury Department published a brochure that provides guidance for crypto companies to enforce US sanctions. The document states that OFAC’s sanctions “apply equally to transactions involving virtual currencies and fiat currencies,” adding:
“Members of the virtual currency industry are responsible for ensuring that they do not participate, directly or indirectly, in transactions prohibited by OFAC sanctions, such as trading in prohibited persons or real estate or participating in prohibited transactions or transactions.”
On the subject: Russia seeks to replace dollar reserves with long-term digital assets
Deripaska’s latest comments came after FBI agents raided oligarchs’ homes in Washington DC and New York on Tuesday. A spokesman for Deripaska allegedly stated that the searches were carried out on the basis of two court arrest warrants linked to US sanctions. With close ties to Russian President Vladimir Putin, Deripaska came under US sanctions in 2018.
The Russian oligarch has criticized the Russian central bank for abandoning bitcoin in the past. In June, the billionaire said that Russia needs to switch to cryptocurrencies in order to offer “a real financial instrument that ensures independence in foreign trade settlements.”