Telegram CEO: Russia Crypto Ban Will Cause IT Brain Drain

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. (Bloomberg)