Cryptocurrencies
Russian Crypto Ban Would Drive Out IT Professionals, Durov Warns
- Telegram CEO says the ban will hamper blockchain development
- Bank of Russia has proposed outlawing crypto mining, trading
A cryptocurrency mining farm in Norilsk, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russia’s proposed ban on cryptocurrencies could destroy several technology industries and drive IT professionals abroad, said Pavel Durov, CEO and co-founder of the Telegram messaging app.
“The Bank of Russia suggesting a total ban on cryptocurrencies is throwing the baby out with the bath water,” the Russian-born Durov wrote Saturday in his Telegram channel. “None of the developed nations is banning cryptocurrencies.”