Pavel Durov commented on the Central Bank’s ban
Pavel Durov, the founder of the popular messaging app Telegram, criticized the proposal of the Central Bank of Russia to introduce a general ban on various uses of cryptocurrencies. Pavel Durov said that a ban on cryptocurrencies would reduce the development of high-tech and force blockchain specialists to leave the country.
Durov commented on the Central Bank’s ban on cryptocurrency
Pavel Durov, manager of Telegram, estimated, “The cryptocurrency ban proposed by the Central Bank of Russia last week will disrupt a number of high-tech sectors and provoke new IT specialists.” The Russian entrepreneur also warned that the restrictive policy would hinder blockchain development. In a Telegram post, Durov said:
No developed country bans cryptocurrencies. The reason: Such a ban would inevitably slow down the development of blockchain technology in general. These technologies improve the productivity and security of many people, from finance to art.
Durov said that solutions based on distributed registries and using cryptocurrencies as a unit of account, “20. He stressed that the system, which he defined as “the outdated centralized financial systems of the second half of the 20th century, has been replaced.
Durov pointed out that all of Russia’s neighbors, from Ukraine to Uzbekistan, are following in the footsteps of developed countries and passing progressive laws for the blockchain space because they do not want to be left behind in the technological and economic progress.
Last Thursday, the country’s central bank published a bulletin detailing its comprehensive vision for the future of cryptocurrencies in Russia. The regulator proposed a ban on various cryptocurrency transactions, including the free movement, exchange and mining of digital currencies.
Pavel Durov noted that Russia is currently one of the leaders in the number of highly qualified specialists in the blockchain industry. “A well-thought-out arrangement will allow Russia to stabilize the distribution of powers in the international financial system and become one of the most important players in the new economy,” Durov continued.
The Telegram CEO acknowledged that any financial authority would naturally want to regulate the circulation of cryptocurrencies. However, Pavel Durov warned that the general ban proposed by the Central Bank of Russia threatens to put an end to legitimate Russian cryptocurrency projects, while illegitimate projects are unlikely to be affected by such a ban.