The Central Bank of Russia (CBR) recently proposed a blanket ban against cryptocurrency. Unsurprisingly, some people don’t agree with this decision. One such individual is Pavel Durov, founder of the popular messaging app Telegram. He predicted that the crypto ban in Russia would merely eliminate several high-tech sectors, among other things.
He also stated that implementing such a restrictive policy would only delay the development of blockchain technology. He wrote the following in a Telegram post:
From Durov’s point of view, using crypto and distributed ledgers are changing obsolete financial systems. He also emphasized that two of Russia’s neighbors, Ukraine to Uzbekistan, are adapting and adopting crypto, like what the developed nations are doing.
Not only that, but these neighboring countries are also implementing progressive laws regarding crypto and blockchain because they don’t want to be left out once the other nation’s technology and economy progress.
Durov notes that Russia is currently one of the leading countries regarding qualified blockchain specialists.
Durov understands that financial authorities like the CBR would naturally want to regulate crypto. It only makes sense for them to do so. However, he emphasizes that implementing a total ban against crypto, as the CBR wants, won’t stop malicious individuals while legitimate crypto projects and institutions will crumble.
