Russian Crypto Industry Association Asks Putin to Help With Regulations

Russian Crypto Industry Association Asks Putin to Help With Regulations

The organization representing Russia’s crypto and blockchain sector has urged Vladimir Putin to spur regulatory efforts. The association fears the Russian Federation may lag behind other nations if it maintains its conservative approach towards new financial technologies. Russian Crypto Businesses Want Putin to Engage With Regulatory Process

The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) has called on President of Russia Vladimir Putin to back the crypto community in shaping the country’s regulatory framework for cryptocurrencies and related technologies.

In a letter to the Russian head of state, its members warn that the government’s attitude towards digital asset regulation poses “serious risks of the economy lagging behind in the introduction of new financial technologies,” crypto news outlets Bits.media and RBC Crypto reported.

The organization insists that the current state policy does not allow Russian companies to take advantage of the potential of new financial instruments and forces them to relocate to other jurisdictions which entails direct financial losses for the treasury.

This “extremely conservative and prohibitive approach” may cause Russia to lose pace in the development of the digital economy and deprives the country of the opportunity to become a leader in the implementation of digital payment and accounting systems, according to Racib’s address.

Racib also reminds Putin about his meeting with IT associations in 2019 and the discussions about new legislation. However, the promised experimental legal regimes for fintechs are not used in reality, while the proposed amendments to the country’s law “On Digital Financial Assets” make it difficult to implement digital technologies.

The letter, co-authored by the non-profit partnership of software developers, Russoft, asks the president to call a meeting devoted to these matters with the participation of the crypto space. They also suggest establishing a working group to prepare a pilot project for the introduction of digital financial technologies, including in cross-border payments relevant for Russia amid sanctions. Tags in this story association, Crypto, crypto community, crypto industry, Cryptocurrencies, Cryptocurrency, Laws, Legislation, Organization, President, Putin, racib, Regulation, Regulations, Russia, russian

Do you think Vladimir Putin will respond to Racib’s letter? Share your thoughts on the subject in the comments section below. Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Fed Chair Powell on Crypto: We See Turmoil, Fraud, Lack of Transparency, Run Risk REGULATION | 8 hours ago SEC Files Emergency Action Against Bkcoin in $100 Million Crypto Fraud Scheme REGULATION | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons, MG Best For You Previous articleNorth Macedonia Says Bomb Threats Come From Russia, Crypto Used to Hide Origin Next articleCompass Mining Alerts Bitcoin Miners of Changes in Bitmain’s ASIC Design Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales

Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design