Telegram CEO thinks that Russia’s decision would impact the development of the Bitcoin industry. Pavel Durov was in favor of regulations but with balance and cautions.
The founder of Telegram, Pavel Durov, rejected with strength the intention of the Central Bank of Russia to prohibit all activity related to bitcoin (BTC) and cryptocurrencies in that country.
In a message sent via Telegram, Durov explained that the restrictions against the cryptocurrency industry would encourage the migration of technology and information specialists. Likewise, he considers that it will destroy a group of sectors of the high-tech economy.
Durov believes that Russia’s decision could also affect the development of the blockchain industry. In that sense, he expressed that the Eurasian country is one of the regions with leadership in the number of “highly qualified” experts belonging to the industry.
According to Durov, the technology around Bitcoin improves the efficiency and security of several human activities, from finance to the arts.
Durov also added that distributed ledger technology solutions that employ cryptocurrencies as units of calculation are taking the place of the obsolete centralized financial systems of the second half of the 20th century.
The concern of the top executive of Telegram comes after the Central Bank of Russia declared in a recent report that bitcoin and cryptocurrencies represent prominent threats to the well-being of Russian citizens and the stability of the traditional financial system.
According to some traders and analysts, Russia’s announcement was one of the factors of the decay in the price of bitcoin to USD 33,500 on January 24. It has recovered just a bit, reaching USD 36,400.
Durov Approves Balanced Regulations
The CEO of Telegram voted in favor of the regulations but said people should be careful. The regulations Durov described are the ones that allow Russia to balance the distribution of power in the international financial system and become one of the main protagonists in the new economy.
Durov also commented that Russia observes neighboring countries, such as Ukraine or Uzbekistan, which have adopted more progressive bills regarding Bitcoin because they do not want to be left behind the technological and economic evolution.
Durov highlighted that the ban might stop various illegal players in the world of cryptocurrencies.
The previous Showdown between the Kremlin and the CEO of Telegram
Durov has faced decisions made by the Kremlin before. In 2018, Russia blocked Telegram from Internet users in that nation due to the company’s refusal to bring data on encryption keys that would allow the Russian intelligence service to decrypt Telegram messages.
The ban got lifted in 2020, according to Durov, due to the actions of the so-called digital resistance movement. This group received many donations in bitcoin from Durov for keeping alive proxies and VPNs that served to circumvent the blockade that the social network experienced.
By:Jenson Nuñez
