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Pavel Durov, founder of messaging app Telegram, has criticized the Bank of Russia’s proposal for a blanket ban on a range of cryptocurrency-related activities. Such a move would stifle high-tech development and drive away blockchain experts, Durov said.
Durov Opposes Russian Bank Push for Crypto Ban
The cryptocurrency ban proposed by the Central Bank of Russia (CBR) will destroy many high-tech industries and trigger the exodus of IT expert Pavel Durov, who is behind the popular messenger Telegram in the crypto community, has predicted. The Russian entrepreneur also cautioned that restrictive policies will hinder the development of blockchain.in the telegram postal, Durov said:
No developed country has banned cryptocurrencies. Why: Such a ban would inevitably slow down the development of blockchain technology in general. 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based on distributed ledgers and using cryptocurrencies as the unit of account are replacing what he called the “outdated centralized financial system of the second half of the 20th century.”
He pointed out that Russia’s neighbors, from Ukraine arrive Uzbekistan, are following in the footsteps of developed countries and adopting progressive laws for the blockchain space as they do not want to stay on the fringes of technological and economic progress.
last Thursday, community rehabilitation published a consultation paper detailing its comprehensive view of the future of cryptocurrencies in Russia.Regulator suggested A wide range of cryptographic operations, including the free circulation, exchange and mining of digital coins, are prohibited.
Pavel Durov noted that Russia is now one of the leaders in the number of highly qualified experts in the blockchain industry. “Thoughtful regulation will allow the country to balance the distribution of power in the international financial system and become one of the main players in the new economy,” he elaborated.
Durov acknowledged that any financial institution would naturally want to regulate the circulation of cryptocurrencies. However, he also warned that a blanket ban, such as that recommended by Russia’s central bank, is unlikely to deter unscrupulous players, while it could end legitimate Russian crypto projects.
Do you agree with Pavel Durov’s statement on the Russian bank’s proposed ban on crypto-related activities? Share your thoughts on the topic in the comments section below.
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