Russian Crypto Industry Association Asks Putin To Help With Regulations – Regulation Bitcoin News

The organization representing Russia’s crypto and blockchain sector has called on Vladimir Putin to boost regulatory efforts. The association fears that the Russian Federation could fall behind other nations if it maintains its conservative approach to new financial technologies.

Russian crypto businesses want Putin to get involved in the regulatory process

The Russian Association of Cryptoeconomics, 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, its members warn that the government’s attitude to the regulation of digital assets creates “serious risks for the economy to lag behind in the adoption 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 move to other jurisdictions, resulting in direct financial losses for the treasury.

This “extremely conservative and prohibitive approach” could cause Russia to lose its pace in the 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, said Racib’s address.

Rachib also reminded Putin of his meeting with IT associations in 2019 and discussions on new legislation. However, promised experimental legal regimes for fintech are not being used in reality, while proposed amendments to the country’s Digital Financial Assets Act make it more 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 dedicated to these issues, with the participation of the crypto space. They also propose the creation of 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.

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Do you think Vladimir Putin will respond to Rachib’s letter? Share your thoughts on the topic in the comments section below.

Lubomir Tasev

Lubomir Tasev is a tech journalist from Eastern Europe who likes the Hitchens quote: “Being a writer is what I am, not what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration .

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