No Developed Nation Bans Cryptocurrencies, Telegram Founder Pavel Durov Warns Russia – Regulation Bitcoin News


Pavel Durov, founding father of the messaging app Telegram, has criticized Bank of Russia’s proposal to impose a blanket ban on a spread of crypto-related actions. Such transfer would stifle high-tech growth and thrust back 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 quite a few high-tech sectors and spark an outflow of IT specialists, Pavel Durov, the person behind the popular-in-the-crypto-community messenger, Telegram, has predicted. The Russian entrepreneur additionally alerted that the restrictive coverage would hinder blockchain growth. In a Telegram submit, Durov acknowledged:

No developed nation bans cryptocurrencies. Reason: such a ban will inevitably decelerate the event of blockchain applied sciences basically. These applied sciences enhance the effectivity and security of many human actions, from finance to arts.

Durov emphasised that options based mostly on distributed ledgers, and utilizing cryptocurrencies as models of account, are changing what he described as “the obsolete centralized financial systems of the second half of the 20th century.”

He identified that Russia’s neighbors, from Ukraine to Uzbekistan, are following within the footsteps of developed nations and adopting progressive legal guidelines for the blockchain area as they don’t wish to stay on the sidelines of technological and financial progress.

This previous Thursday, the CBR revealed a session paper detailing its complete view on the way forward for cryptocurrencies in Russia. The regulator proposed the prohibition of a variety of crypto operations, together with the free circulation, change, and mining of digital cash.

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

Russia is now one of many leaders when it comes to variety of extremely certified specialists within the blockchain trade, Pavel Durov famous. “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 monetary authority would naturally wish to regulate the circulation of cryptocurrencies. However, he additionally warned {that a} whole ban, such because the one really helpful by the Central Bank of Russia, is unlikely to cease unscrupulous gamers whereas it threatens to place an finish to reputable Russian crypto initiatives.

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ban, Bank of Russia, CBR, Central Bank, Central Bank of Russia, Criticism, Crypto, crypto actions, crypto operations, Cryptocurrencies, Cryptocurrency, Durov, Entrepreneur, messaging app, messenger, Pavel Durov, Russia, russian, Russian Federation, Telegram

Do you agree with Pavel Durov’s statements relating to Bank of Russia’s proposal to ban crypto-related actions? Share your ideas on the topic within the feedback part beneath.

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, worldwide politics and economics are two different sources of inspiration.

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