Should I let go first?

My good friend confessed that he is very in love with me last month. I don't love him back. There is no chance for us to be together at all due to some circumstances. Even without those circumstances, I do not share the same feeling as him.

I care for him as a friend. I don't want to add in more pain to the pain he is feeling now. He told me that he is very very afraid to lose me as a friend. I told him that we need to gradually communicate less so that he can have time to process the grief, and reduce his feeling of needing me. He begged me not to do it. He wanted us to stay as we are. To be honest, it hurts me to see him going through this pain and worry of losing me.

Should I do the "communicate less with him" plan or should I just "let him go and cease all communication" with him for a few months until he has gotten over his infatuation of me? To be honest, to do the latter is difficult for me too as I do enjoy his friendship. But I am not sure if I am even helping when I continue communicating with him (albeit being less).

Appreciate your thoughts.

Thank you.