Friday, March 29

Telegram CEO: Russian bitcoin ban will destroy various sectors of the economy


The founder of Telegram, Pavel Durov, expressed his rejection of the intention of the Central Bank of Russia to ban all activity related to bitcoin (BTC) and cryptocurrencies in that country.

In a message sent via Telegram, Durov assured that the restrictions against the cryptocurrency industry will promote the exodus of specialists in technology and information. Likewise, he considers that “it will destroy a series of sectors of the high-tech economy.”

Durov cree that Russia’s move could also affect the development of the blockchain industry, in general.

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In this sense, he commented that the Eurasian country is one of the nations that have leadership in the number of “highly qualified” specialists belonging to the industry.

In his opinion, the technology around Bitcoin “improves the efficiency and security of many human activities, from finance to the arts.”

Durov added that distributed ledger technology solutions employing cryptocurrencies as units of calculation “are replacing the obsolete centralized financial systems of the second half of the 20th century.”

The concern of the top executive of Telegram arises after the Central Bank of Russia declared in a recent report that bitcoin and cryptocurrencies “They pose significant threats to the well-being of Russian citizens and the stability of the financial system,” as CriptoNoticias reported.

Russia’s stance against bitcoin caused a drop in its price, which has recovered over the hours. Coingecko source.

Russia’s announcement was, according to some traders and analysts, one of the causes of the fall in the price of bitcoin to USD 33,500, today, January 24. Although it has recovered a bit in the last few hours, reaching USD 36,400, as seen in the CriptoNoticias Price Calculator.

Durov accepts “careful” regulations

The CEO of Telegram was in favor of the regulations, but says that they must be “careful”.

The regulations with care to which Durov refers, are those that allow Russia to balance “the distribution of forces in the international financial system and become one of the main actors in the new economy.”

Durov also suggested Russia observe neighboring countries, such as Ukraine or Uzbekistan, who adopted “progressive” laws regarding Bitcoin because “they don’t want to be left out of technological and economic progress.”

Finally, he added that the ban on bitcoin may end illegal actors in the world of cryptocurrencies, but it will also put an end to the legal projects that take place in the industry of that nation.

Previous showdown between the Kremlin and the CEO of Telegram

It is not the first time that Durov has faced decisions made from the Kremlin. In 2018, Russia blocked Telegram from Internet users in that country, due to the company’s refusal to provide data on encryption keys that would allow the Russian intelligence service to decrypt Telegram messages.

The ban was lifted in 2020, according to Durov, due to the actions of the so-called “digital resistance” movement. This group received donations in bitcoin from Durov, for maintaining proxies and VPNs that helped circumvent the blockade that the social network had.



www.criptonoticias.com