Telegram founder Pavel Durov has spoken out against the Bank of Russia’s proposal for a blanket ban on cryptocurrencies in Russia. Such a move would stifle high-tech development and chase away blockchain specialists, he says. Russia is now one of the leaders in terms of several highly qualified specialists in the industry.


The Central Bank of Russia’s (CBR) proposed cryptocurrency prohibition will damage many high-tech industries and cause an evacuation of IT workers. According to Pavel Durov, the guy behind the famous crypto-community messenger Telegram, banning crypto is definitely a foolish act. The inventor of the messaging service Telegram has denounced the Bank of Russia’s plan to enforce a blanket ban on a variety of cryptocurrency-based operations.

According to Durov, such a measure would hinder high-tech growth and drive away blockchain experts. He speaks out against the Russian Central Bank’s Push for a Crypto Ban. The Russian businessman also warned that the restricted approach will impede blockchain growth. Durov noted in a Telegram message that no developed country prohibits the use of cryptocurrency. The reason for this is that such a prohibition will surely hinder the development of blockchain technology in general. Many human pursuits, from banking to the arts also benefit from these technologies in terms of efficiency and safety.

Durov underlined that solutions based on distributed ledgers and cryptocurrencies as units of account are replacing “the outmoded centralised financial institutions of the second half of the twentieth century.” He said that Russia’s neighbours, from Ukraine to Uzbekistan, are following in the footsteps of Western nations and enacting progressive blockchain regulations in order to avoid falling behind in technical and economic advancement.

The CBR released a consultation document this past Thursday outlining its entire opinion on the future of cryptocurrencies in Russia. The regulator suggested a ban on a wide variety of crypto activities, including free coin circulation, trading, and mining. According to Pavel Durov, Russia is currently one of the leaders in terms of numerous highly skilled individuals in the blockchain business. “

“Thoughtful regulation would enable the country to equalize the allocation of forces in the global banking markets and become one of the leading participants in the new economy,” he added. Durov admitted that any financial body would obviously wish to control the circulation of cryptocurrencies. However, he cautioned that a blanket ban, such as the one proposed by the Central Bank of Russia, is unlikely to deter dishonest players while also threatening reputable Russian cryptocurrency initiatives.


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