Russia’s proposed ban on cryptocurrencies could diminish several tech industries and drive IT professionals out.
Telegram’s CEO Pavel Durov,said
“The Bank of Russia suggesting a total ban on cryptocurrencies is like zeroing the ongoing project,” wrote Durov on his Telegram’s account post, arguing that
“None of the developed nations is banning cryptocurrencies.”
Russia’s ban will inevitably slow down blockchain technology development, experts warn.
Bloomberg cites head of the central bank’s financial stability department, Elizaveta Danilova, who argues that the proposed rules won’t apply to assets held abroad, and people with offshore exchange accounts ‘will still be able to trade crypto’