The organization representing Russia’s cryptocurrency and blockchain sector has urged Vladimir Putin to boost regulatory efforts. The association fears that the Russian Federation will fall behind other nations if it maintains its conservative approach towards new financial technologies.
Russian crypto companies want Putin to participate in the regulatory process
The Russian Association for 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 towards digital asset regulation poses “serious risks that the economy will be left behind in the introduction of new financial technologies,” crypto news outlet Bits.media reported. and RBC Crypto.
The organization insists that 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 economic losses for the treasury.
This “extremely conservative and prohibitive approach” may cause Russia to lose pace in the development of the digital economy and deprive the country of the opportunity to become a leader in the implementation of digital accounting and payment systems, according to Racib’s speech.
Racib also reminds Putin about his meeting with IT associations in 2019 and the discussions on the new legislation. However, promised experimental legal regimes for fintechs are not being used in reality, while 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 association of software developers, Russoft, asks the president to convene a meeting dedicated 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 to Russia amid sanctions.
Do you think Vladimir Putin will respond to Racib’s letter? Share your thoughts on the subject in the comments section below.
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