In a recent development, the Central bank of Russia had proposed a blanket ban on all cryptocurrencies. The apex bank of Russia published a report titled Cryptocurrencies: Trends, risks, measures where it highlighted the threats to national economic stability due to cryptocurrencies. However, the report did not bring out anything new. The argument that crypto would destabilize the national economy is both dated and debunked. That did not stop the central bank from publishing a similar report. Around the same time, the Bank of International Settlements (BIS) also published a similar report where they focused on the role of central banks in maintaining stability at a global scale.
However, both reports were criticized as blatantly anti-crypto and not giving any real solutions to the problems. Now it seems that not everyone in Russia is on board with the decision of the central bank.
Founder of popular messaging app Telegram, Pavel Durov, was among the first to speak against this proposal. He said that such a move would severely cripple the growing industries in Russia. According to him, regulations can and should come into the crypto space. However, a blanket ban is not only illogical but also harmful to the Russian economy.
Leonid Volkov, a major opposition leader in Russia, echoed the same opinion. He said that imposing a blanket ban would not solve the underlying issues. It would only cause damage to both individual and national wealth. Other prominent figures also expressed the same view. The central bank might be forced to withdraw its previous proposal in the face of mounting pressure from all sides.
