Pavel Durov, founder of the messaging app Telegram, has criticized Bank of Russia’s proposal to impose a blanket ban on a range of crypto-related activities. Durov believes such an action would hinder high-tech advancement and discourage blockchain experts.
Durov slams Bank of Russia for pushing for crypto ban
The cryptocurrency ban proposed by the Central Bank of Russia (CBR) will destroy a number of high-tech sectors and spark an outflow of IT specialists, Pavel Durov, the man behind the popular-in-the-crypto-community messenger, Telegram, has predicted. Russian entrepreneur, Durov warned that the restriction would inhibit blockchain development. Durov said in a Telegram message:
No developed country bans cryptocurrencies. The reason is that such a ban could slow down development of all blockchain technologies. These technologies increase safety and efficiency in many human activities, such as finance or arts.
Durov emphasized that solutions based on distributed ledgers, and using cryptocurrencies as units of account, are replacing what he described as “the obsolete centralized financial systems 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 developed nations and adopting progressive laws for the blockchain space as they don’t want to remain on the sidelines of technological and economic progress.
The CBR released a paper detailing the CBR’s comprehensive views on Russia’s future cryptocurrency. A wide variety of crypto operations were proposed by the regulator, which included the exchange and free circulation of cryptocurrency coins as well as mining.
Pavel Durov pointed out that Russia now ranks among the top countries in terms of blockchain industry specialists. “Thoughtful regulation will allow the country to balance the distribution of forces in the international financial system and become one of the major players in the new economy,” he elaborated.
Durov recognized that any financial body would be naturally interested in regulating the use of cryptocurrency. He also stated that it was unlikely for unscrupulous participants to be stopped by a ban such as the Central Bank of Russia’s recommendation, but this could lead to the end of legitimate Russian crypto projects.
Do you agree with Pavel Durov’s statements regarding Bank of Russia’s proposal to ban crypto-related activities? Please share your views on this topic in the comment section.
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