As Russia plans on putting a blanket ban on crypto and all related activities, the country’s tech community has come out against such decisions.
Russia recently put a ban on cryptocurrencies and now suggests a ban on mining and Russia-based crypto exchanges too. The Russian Central Bank said in a report that the risk from crypto is higher for emerging markets and asked the government to ban all types of crypto activities. This will include mining and trading them in the future.
Pavel Durov, a founder of Telegram, said that this ban will not get rid of crypto as some nefarious elements of the society will find a way. Not only that, a ban like this can hamper a lot of tech sectors that are employed by the crypto businesses.
He added that the ban will also slow down the invitation as blockchain tech leads to more transparency in the long run. Many DeFi projects have helped people from all walks of life, whether it be artists or financial experts.
On top of that, he said that the desire for regulation is normal, but a complete ban might do more harm than good. These views were echoed by Alexei Navalny, who is the leader of the opposition in Russia,
Blanket bans have also been enforced in China and Nigeria, but crypto usage can still be found there. This means banning these new-age DeFi techs does nothing to hinder the people that actually want to use them. They both suggest that a regulated crypto scene will be much more beneficial for the country in the long run