Members of the Russian Crypto Industry Association recently addressed a letter to the Head of State of Russia. It should be noted that this organization, called Racib, takes into account crypto-economy, blockchain and artificial intelligence. In her letter, she discussed the attitude of the Russian government towards the regulation of the crypto sector. Discover the contents of the letter of the Russian association of the crypto industry.
Russian crypto industry association pushes for proper regulation
Last year, Russia used cryptos a lot to counter Western sanctions. But, even if it does not ban the new asset class, it does not have clear regulations on the latter. In this context, the Russian crypto industry association has decided to advocate for the sector to be better regulated. She addressed a letter to Putin expressing her impressions regarding the attitude of the Russian government towards cryptos. According to her, this attitude leads toserious risks of delay of the economy in the introduction of new financial technologies“.
Through the Russian association, Russian crypto companies are asking for Putin’s help in regulating the sector. They would like that the statesman is driving regulatory efforts in government and is committed to regulating crypto. The association finds the Russian Federation’s current approach to crypto to be conservative and prohibitive in the extreme. She has explained that she would not want Russia to lag behind in new financial technologies.
It appears that Russian companies cannot currently not fully benefit from the advantages of the new financial instruments. Many of them then find themselves forced to relocate to other jurisdictions. As a result, the Russian public treasury records financial losses. The association recommends an appropriate regulatory framework for cryptos and related technologies, to avoid all these problems. This framework should prevent Russia from losing its pace of development in the digital economy.
Racib considers that Russia could become a leader in the implementation of digital payment and accounting systems. It is for this reason that she invites Russian President Vladimir Putin to support the crypto community in developing regulations. In this sense, the members of the association urged the statesman to convene a meeting devoted to the issue. They also recommend that a working group be created to prepare a pilot project focusing on the introduction of digital financial technologies.
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