An association representing the crypto and blockchain sectors in Russia has urged Vladimir Putin to promote regulatory efforts. The association is concerned that the Russian Federation could fall behind other countries if it maintains a conservative approach to new financial technologies.
Russian crypto business wants Putin involved in regulatory process
The Russian Association for Crypto Economy, Artificial Intelligence and Blockchain (Racib) has asked Russian President Vladimir Putin to assist the crypto community in shaping a national regulatory framework for cryptocurrencies and related technologies. In a
letter to the Russian head of state, its members warn that the government’s attitude toward digital asset regulation poses “a serious risk of the economy falling behind in the adoption of new financial technologies,” crypto news outlets Bits.media and RBC Crypto reported.
The group claims that current state policy does not allow Russian companies to take advantage of the potential of new financial instruments, forcing them to relocate to other jurisdictions that would cause direct financial losses to the state treasury.
According to Rashiv’s speech, this “extremely conservative and prohibitive approach” could deprive Russia of the opportunity to lose pace in the development of the digital economy and become a leader in the implementation of digital payment and accounting systems.
Rashiv also recalls that Putin will meet with the IT Association in 2019 to discuss new legislation. However, the promised experimental legislation for fintech is not used in reality, and proposed amendments to the country’s law “On Digital Financial Assets” make it difficult to introduce digital technology.
The letter, co-authored by Russoft, a non-profit partnership of software developers, urges the President to convene a conference devoted to these issues with the participation of the crypto space. It also proposes the establishment of a working group to prepare a pilot project for the implementation of digital financial technologies, including cross-border payments, relevant to Russia under sanctions.
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