Former President of Russia and current Deputy Chairman of the Security Council of Russia Dmitry Medvedev warned that banning crypto-assets could have the opposite effect.
Reactions to the Central Bank of Russia’s proposal to ban cryptoassets are growing. The last criticism on the subject came from Dmitry Medvedev, who serves as the deputy chairman of the Security Council of the Russian Federation. Dmitry Medvedev argued that crypto assets should not be banned, saying that a possible ban could have the opposite effect. The ban proposal of the Central Bank was criticized by the Ministry of Finance, the State Duma, the Russian government and, as it is known, Russian President Putin.
In an interview with Russian media, Medvedev said that the strict stance of the Central Bank may have justified reasons due to the threats to the country’s financial stability and the risks it poses to citizens. The official made the following statements on the subject:
“Honestly, when you try to ban something, it often leads to the opposite result.”
“Stops the Development of the IT Industry in the Country”
Digital Development Minister Maxut Shadayev also said that a possible ban would halt the development of the blockchain industry in the country and would go against the country’s policy of supporting the information technology sector. He also pointed out that experts in this field may also leave the country.
The Russian Electronic Communications Association (RAEC) also made similar statements on the subject. He argued that a possible ban would not solve problems such as fraud and illegal acts, but on the contrary, it could complicate the control by shifting the activities in this field to the gray sector. In a statement on the subject, the organization used the following statements:
“The ban on the circulation of cryptocurrencies will exclude Russia from the development of one of the fastest growing digital markets at the moment, which will significantly slow down the innovative development of the country.”
