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Russians are up in arms against planned crypto ban

 


Russia's announced ban on cryptocurrencies and mining has drawn criticism from big names, including Telegram founder Pavel Durov.


On Jan. 20, the Central Bank of Russia released a report proposing a blanket ban on domestic crypto trading and mining. In doing so, it seems, Russia is trying to follow in the footsteps of its neighbor China. Justifying the measures, it said that the risks of cryptocurrencies are “much higher for emerging markets, including Russia.” However, the crypto ban has sparked protests from some opponents. Alexei Navalny's chief of staff, Leonid Volkov, is one of the critics. Telegram founder Pavel Durov also speaks out. In a Jan. 22 post , the latter said the proposed crypto ban would “destroy a number of sectors of the high-tech economy.”


The desire to regulate cryptocurrencies is natural for any financial authority. However, by recommending a complete ban on cryptocurrencies, the central bank wants to throw the baby out with the bathwater. Such a ban will hardly stop unscrupulous actors, but it will put an end to legal Russian projects in this area


, according to Durov. The benefits would far outweigh the risks. The crypto ban would inevitably slow down the development of blockchain technologies in general. But Russia is dependent on these technologies. Because they improve the efficiency and safety of many human activities, from finance to art. 


Crypto ban: is the KGB behind it?

Navalny's chief of staff, Volkov, believes that the Russian secret service FSB is behind the ban and agrees with a report by Bloomberg . The central bank’s crypto ban proposal could still face some resistance from lawmakers. 


Vladimir Gutenev, head of the Duma's Industry Committee and a member of the ruling United Russia party, agrees. He told Interfax news agency that Russia should regulate and tax mining, but it shouldn't be banned given the country's competitive advantages,  according to media reports .

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