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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.

A cryptocurrency mining farm in Norilsk, Russia.

Photographer: Andrey Rudakov/Bloomberg

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.”