https://ift.tt/3qQ821Y CEO says Russia’s crypto ban would destroy a number of sectors in the high-tech economy.

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.