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Friday, June 9, 2023

Russian Crypto Industry Association Asks Putin to Help With Regulations

Russian Crypto Industry Association Asks Putin to Help With Regulations – Racib, the Russian Association of Cryptoeconomics, Artificial Intelligence, and Blockchain, has urged President Vladimir Putin to support the crypto community in formulating regulations for cryptocurrencies and associated technologies in the country.

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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.

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According to the organization, the existing state policy prohibits Russian companies from utilizing the potential benefits of emerging financial tools and compels them to shift to other regions, leading to direct monetary losses for the government.

Racib’s statement asserts that the highly cautious and restrictive stance could impede Russia’s progress in the advancement of the digital economy, depriving the nation of the possibility to become a front-runner in the adoption of digital payment and bookkeeping systems.

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In addition, Racib brings to Putin’s attention the meeting he had with IT associations in 2019 and the conversations surrounding fresh legislation. Despite the assurances of pilot legal frameworks for fintech companies, they have not been put into practice. Furthermore, the proposed adjustments to the existing “On Digital Financial Assets” law create obstacles for the implementation of digital technologies.

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Co-authored by the non-profit organization for software developers, Russoft, the letter proposes that the President convene a meeting to address these concerns with the involvement of the crypto community. They further recommend the formation of a task force to develop a trial initiative for the implementation of digital financial technologies, particularly for cross-border payments that are pertinent for Russia during times of sanctions.

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