No Developed Nation Bans Cryptocurrencies, Telegram Founder Pavel Durov Warns Russia

No Developed Nation Bans Cryptocurrencies, Telegram Founder Pavel Durov Warns Russia

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. Such move would stifle high-tech development and chase away blockchain specialists, Durov says. Durov Speaks Out Against Bank of Russia Push 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. The Russian entrepreneur also alerted that the restrictive policy would hinder blockchain development. In a Telegram post, Durov stated: No developed country bans cryptocurrencies. Reason: such a ban will inevitably slow down the development of blockchain technologies in general. These technologies improve the efficiency and safety of many human activities, from finance to 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.

This past Thursday, the CBR published a consultation paper detailing its comprehensive view on the future of cryptocurrencies in Russia. The regulator proposed the prohibition of a wide range of crypto operations, including the free circulation, exchange, and mining of digital coins.

Russia is now one of the leaders in terms of number of highly qualified specialists in the blockchain industry, Pavel Durov noted. “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 acknowledged that any financial authority would naturally want to regulate the circulation of cryptocurrencies. However, he also warned that a total ban, such as the one recommended by the Central Bank of Russia, is unlikely to stop unscrupulous players while it threatens to put an end to legitimate Russian crypto projects. Tags in this story ban, Bank of Russia, CBR, Central Bank, Central Bank of Russia, Criticism, Crypto, crypto activities, crypto operations, Cryptocurrencies, Cryptocurrency, Durov, Entrepreneur, messaging app, messenger, Pavel Durov, Russia, russian, Russian Federation, Telegram

Do you agree with Pavel Durov’s statements regarding Bank of Russia’s proposal to ban crypto-related activities? Share your thoughts on the subject in the comments section below. Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Biden Administration Preparing to Release Government-Wide Crypto Strategy: Report REGULATION | 8 hours ago Russia May Allow Crypto Mining and Gold-Backed Stablecoins, Lawmaker Says REGULATION | 24 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMercadolibre Gets Closer to Crypto With Investments in Paxos and Mercado Bitcoin Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItIndian Government Needs More Time to Finalize Crypto Bill: Report

Indian government officials reportedly said that India"s cryptocurrency bill will require more time because crypto is a complex subject. The bill is therefore unlikely to be introduced in the upcoming session of parliament. The government reportedly wants to hold more ... read more.UFC Partners With Dapper Labs to Launch NFT Collection "UFC Strike" Bank of Russia to Monitor Banks’ Dealings With Crypto Exchangers Indonesian Religious Organization Issues Decree Forbidding Use of Crypto by Country"s Muslim Population NYC Mayor Eric Adams Converts First Paycheck to Bitcoin and Ether via Coinbase