Pavel Durov, CEO and co-founder of Telegram, said the proposed Russian ban on cryptocurrency could destroy many tech industries and alienate IT professionals.
Durov wrote, on his channel on (Telegram): The proposal by the Bank of Russia to impose a comprehensive ban on digital currencies would spoil everything. No developed country bans digital currencies.
Durov argued that the Russian ban would inevitably slow the development of blockchain technology.
There has been recent news that the Russian Central Bank has proposed a ban on the creation and use of all digital currencies, citing the risks to the country's financial system.
The proposed rules would not apply to assets held abroad, said Elizaveta Danilova, head of the financial stability department at the Russian Central Bank, and people with offshore accounts would still be able to Cryptocurrency trading.
The bank, as the regulator, has targeted crypto mining operations, which Danilova said harms the country's green agenda and puts Russia's energy supplies at risk.
In light of these Russian statements, digital currencies received a very violent blow from the third largest country in the world in terms of mining volumes after the United States of America and the People's Republic of China.
