Thursday, May 19, 2022

Telegram CEO says Russia’s crypto ban would destroy a number of sectors in the high-tech economy.

The Takeaway:

Telegram CEO Pavel Durov has said a proposal to ban cryptocurrency mining and related transactions via Russian financial services would lead to an inevitable outflow of IT specialists.

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Pavel Durov, the executive director and founder of Telegram, one of the world’s most popular messaging apps, has said a proposal to ban cryptocurrency mining and crypto-related transactions via Russian financial services would lead to an inevitable outflow of IT specialists. The ban, which Russia’s central bank has touted, would also destroy a number of sectors in the high-tech economy, Telegram CEO said, noting that no developed country has prohibited cryptocurrencies, 

 

“Such a ban will inevitably slow down the development of blockchain technologies in general.”

“Such a ban will inevitably slow down the development of blockchain technologies in general,” Durov said in the post shared on his Telegram channel and on VK, Russia’s most popular social media platform. “These technologies improve the efficiency and safety of a wide range of human activities, from finance to the arts.” Earlier this week, the Central Bank of Russia called for the issuance, circulation, exchange, and trade of cryptocurrencies and stablecoins to be prohibited and banned the organization of these operations on Russian soil. 

 

Telegram CEO said thoughtful regulation would make Russia one of the major players in the new economy. 

Telegram CEO highlighted that Russia’s neighboring states, from Ukraine to Uzbekistan, are adopting advanced laws and regulations related to the blockchain sector, as they are not willing to be left behind technological and economic progress.” According to Durov, Russia is one of the world’s leading nations when it comes to the number of high-end professionals working in the blockchain industry. “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,” Durov said.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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