Telegram Founder Slams Russian Proposal: No Developed Countries Ban Cryptocurrencies

Pavel Durov, founder of messaging app Telegram, has criticized Bank of Russia’s proposal to impose a blanket ban on a range of crypto-related activities. Durov said such a move would stifle high-tech development and drive blockchain experts elsewhere.

Pavel Durov – founder of Telegram

Durov rejects the Central Bank of Russia’s push for a crypto ban

As predicted by Pavel Durov, the proposed ban on cryptocurrencies by the Central Bank of Russia (CBR) will destroy some high-tech sectors and drive IT professionals out of the country. The Russian businessman also warned that restrictive policies will hamper blockchain development. In one post on Telegram Durov claimed:

“There are no developed countries that ban cryptocurrencies. The reason: Such a ban would certainly slow down the development of blockchain technologies in general. These technologies improve the efficiency and safety of many types of human activity, 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based on distributed ledgers and using cryptocurrencies as the unit of account are replacing what he calls “the outdated centralized financial system of the second half of the 20th century”.

He pointed out that Russia’s neighbors from Ukraine to Uzbekistan are following in the footsteps of many developed countries and adopting progressive laws for the blockchain space because they don’t want to remain on the fringes of technological and economic advances.

Last Thursday was CBR upload A consultation article describes their comprehensive view of the future of cryptocurrencies in Russia. The regulator is proposing to ban a wide range of cryptocurrency activities, including the free circulation, trading and mining of digital coins.

Pavel Durov noted that Russia is currently one of the leaders in the number of highly qualified experts in the blockchain industry.

“Sophisticated regulation will allow the country to balance the distribution of forces in the international financial system and become one of the key players in the new economy.”

Durov admits that every financial authority wants to regulate the circulation of cryptocurrencies. However, he warned that a full ban, as recommended by the Central Bank of Russia, is unlikely to result in illegal acts being committed and threatens to shut down many money projects.

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