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Pavel Durov, founder of the messaging app Telegram, has criticized the Bank of Russia's proposal to impose a blanket ban on a range of crypto-related activities, saying that no developed country would ban cryptocurrency.
The founder of Telegram and the ban on cryptocurrency
Pavel Durov speaks out against the Bank of Russia's push to ban cryptocurrency, as he says a proposed crypto ban by the Central Bank of Russia (CBR) will destroy a number of high-tech sectors and spark an influx of IT professionals, Pavel Durov, the man behind the program The famous messenger in the crypto community Telegram to say that such a move would stifle high-tech development and drive out blockchain specialists.
The Russian businessman also predicted that the restrictive policy would impede the development of the blockchain and warned against this, as Durov stated in one of his publications and said that no developed country bans cryptocurrencies.
The reason is that this ban will inevitably slow down the development of blockchain technologies in general, and these technologies improve the efficiency and safety of many human activities from finance to the arts
Durov emphasized that solutions based on distributed ledgers and the use of cryptocurrencies as units of account replace what he described as outdated central financial systems in the second half of the twentieth century, so he noted that Russia’s neighbors from Ukraine to Uzbekistan are following in the footsteps of developed countries and adopting laws to introduce blockchain technology. Because they do not want to remain on the sidelines of technological and economic progress.
The future of cryptocurrency in Russia
Last Thursday, a newspaper published what the future of cryptocurrency would be in Russia, as the regulator proposed banning a wide range of crypto operations including free trading, exchange and mining of digital currencies, and Pavel Durov noted that Russia is now one of the leading countries in terms of the number of specialists Highly qualified in the Blockchain Industry.
Durov acknowledged that any financial authority would naturally want to regulate cryptocurrency trading, yet he also cautioned that a blanket ban like the one recommended by the Russian Central Bank is unlikely to stop unscrupulous players, while threatening to put an end to legitimate Russian crypto projects.
