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Russia’s recent ban on cryptocurrencies has drawn criticism from many prominent figures, including Alexei Navalny’s chief of staff Leonid Volkov and Telegram founder Pavel Durov.
On January 20, the Central Bank of Russia released a report Proposed blanket ban About domestic cryptocurrency trading and mining. The report states that the risks of cryptocurrencies are “much higher for emerging markets, including Russia.”
However, the proposed ban does not appear to be universally accepted in the former Soviet Union. An article published on January 22 by Telegram founder Pavel Durov statement The proposed crypto ban would “destroy many sectors of the high-tech economy.” He added:
“Such a ban would inevitably slow the development of blockchain technologies. These technologies improve the efficiency and security of many human activities, from finance to the arts.”
While Durov acknowledged that “the desire to regulate the circulation of cryptocurrencies is natural for any financial institution,” he concluded that “such a ban is unlikely to deter unscrupulous players, but it would end Russia’s Legitimate projects in this area. Area.”
Leonid Volkov: Banning encryption is ‘impossible’
At the same time, in the telegram postal On January 20, Alexei Navalny’s chief of staff, Volkov, wrote that the ban was like “blunt speech.”
Navalny is a Russian opposition leader and founder of the Anti-Corruption Foundation (FBK). In August 2020, he was poisoned with the nerve agent Novichok. After recovering in Germany, he returned to Russia in January 2021, where he was arrested and remains imprisoned.
In his statement, Volkov cited a January 20 Bloomberg report. It claims that Russia’s Federal Security Service (FSB) played a major role in advancing the ban, as cryptocurrencies can be used to fund “unsystematic opposition and extremist groups.”
He went on to add that he is “sure that the Bloomberg version is 100% close to reality in this case, but nothing will happen” because Russians are more likely to use cryptocurrency to buy drugs than to donate it to Moscow – Based on the non-profit FBK.
“Technically, banning cryptocurrencies is the same as banning person-to-person transfers (i.e. it’s impossible)… yes, they would make it very difficult to deposit funds on a cryptocurrency exchange Difficulty, which means intermediary services will only come up this way through foreign jurisdictions. Yes, transaction costs will go up. Well, I guess that’s it.”
related: Russian Central Bank Governor: Banning Cryptocurrencies in Russia “Quite Feasible”
Many of Russia’s neighbors have also taken a tough stance on crypto. Citizens of neighbouring Georgia were asked to take an oath on January 19 Vows to stop mining cryptocurrencies. the Governments of Kosovo and Kazakhstan, It was also recently added to the list of countries that ban crypto mining.
Perhaps an exception is Russia’s neighbors Ukraine passed several laws To promote cryptocurrency adoption in the country in September 2021.
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