Telegram CEO: Russia Crypto Ban Will Cause IT Brain Drain

Time:2022-01-22 Source: 845 views Trending Copy share

Russia’s proposed cryptocurrency ban could destroy several technology industries and lead to the exodus of IT professionals to other countries, Pavel Durov, CEO and co-founder of messaging app Telegram, said on Jan. 22.

Without a developed country banning cryptocurrencies, Russia’s crypto ban will inevitably slow down the development of blockchain technology.

Earlier, the Central Bank of Russia said in a report released on Thursday that cryptocurrencies have the characteristics of pyramid schemes, undermine the sovereignty of monetary policy and pose a threat to the Russian financial system.

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