Telegram Founder: Russian Cryptocurrency Ban Destroys Industry
Cryptocurrencies have taken a very heavy hit from the third country in the world in terms of mining volumes after the United States and China.
It has been reported that the Russian Central Bank has proposed banning the creation and use of all cryptocurrencies, citing risks to the country's financial system.
destroy the industry
Pavel Durov, CEO and co-founder of Telegram, said Russia's proposed cryptocurrency ban could destroy many tech industries and alienate IT, professionals.
"The Bank of Russia's proposal to impose a complete ban on cryptocurrencies would spoil everything. None of the developed countries ban cryptocurrencies," Durov wrote on his Telegram channel.
Durov believed that the Russian ban will inevitably slow down the development of blockchain technology.
Elizaveta Danilova, head of the central bank's financial stability department, said the proposed rules would not apply to assets held offshore and people with offshore accounts could still trade cryptocurrencies.
Urgent: The landing stage is expanding
Resolution Details
It seems that the Russian Federal Secret Service persuaded Elvira Nabiullina, the Governor of the Russian Central Bank, to impose a general ban on the trading of cryptocurrencies in the domestic market to prevent them from being used to fund the opposition. Russian politics.
The Federal Secret Service is pushing for a blanket ban on cryptocurrencies, with suspicions surrounding the transfer of funds via cryptocurrency.
This is due to the difficulty of tracing its transactions and its increasing use by Russians to donate to unwanted institutions and organizations, including media classified as foreign agents.
The Russian ban will not apply to assets held by Russians abroad, so Russians with bank accounts outside of Russia will be able to trade cryptocurrencies.
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According to the news, opposition and media funding accounts account for a large portion of the total volume of crypto assets held by about 17 million Russian accounts on cryptocurrency e-wallets, with a total value of more than $7 trillion rubles, or the equivalent of 92 billion dollars.
The Russian Central Bank sees unregulated cryptocurrencies as an increased risk to financial stability and a means of financing criminal activities and has indicated its intention to impose more restrictions and rules on the circulation of these currencies in the Russian financial system.
It should be noted that while Russia already prohibits the use of digital currencies to make payments, in 2020 the Russian parliament passed a law recognizing the existence of digital currencies with their growing popularity.
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Russian Church
Last week, the main media representative of the Russian Orthodox Church, Vakhtang Kipshidze, said that she does not support bitcoin or invest in cryptocurrencies...
The church has denied a recent video claiming that Patriarch Kirill, the head of the Russian Orthodox Church, urged church worshipers to invest in cryptocurrency.
“It is an absolute deception, to mislead those who might think that the patriarch is encouraging someone to engage in financial fraud and speculation,” Kipshidze said.
Urgent: a big drop
previous decisions
Early last month, the Russian Central Bank officially banned mutual funds from investing in Bitcoin (BTC).
Bank of Russia President Elvira Nabiullina said that the Bank of Russia considers that Russian financial infrastructure should not be used for cryptocurrency transactions.
The growing volume of cryptocurrency transactions has raised concerns among regulators that it poses a threat to financial stability, leading the bank to consider a ban on cryptocurrency investments in the country.
Russia has expanded its crypto regulatory framework with planned monitoring of digital currencies as Russian President Vladimir Putin ordered a new system forcing citizens to disclose their crypto holdings.
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| Telegram Founder: Russian Cryptocurrency Ban Destroys Industry |
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