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Russian Crypto Industry Association Asks Putin to Help with Regulations – Regulation Bitcoin News
The organization representing Russia’s crypto and blockchain sector has urged Vladimir Putin to spur regulatory efforts. The association fears that the Russian Federation could lag behind other nations if it maintains its conservative approach to new financial technology.
Russian crypto companies want Putin to get involved in the regulatory process
The Russian Association of Cryptoeconomy, Artificial Intelligence and Blockchain (Racib) has called on Russian President Vladimir Putin to support the crypto community in shaping the country’s regulatory framework for cryptocurrencies and related technologies.
In a letter to the Russian head of state, members warn that the government’s stance on 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 exploit the potential of new financial instruments and forces them to move to other jurisdictions, causing direct financial losses to the state treasury.
This “extremely conservative and prohibitive approach” could cause Russia to lose the pace of development of the digital economy and deprive 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 the meeting with IT associations in 2019 and the discussions on new legislation. However, the promised experimental legal regimes for fintech are not being applied in reality, while the proposed changes 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 convene a meeting devoted to these matters with the participation of the crypto space. They also propose to establish a working group to prepare a pilot project for the introduction of digital financial technologies, including in cross-border payments relevant to Russia amid sanctions.
Do you think Vladimir Putin will respond to Racib’s letter? Share your thoughts on the topic in the comments section below.
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