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Russian Crypto Supporters Ask Putin To Adopt Crypto-Friendly Regulations

The RACIB (Russian Association of Crypto Industry and Blockchain) – a significant group of blockchain and crypto supporters in Russia – recently released an open letter to Putin, urging him to acknowledge the dangers of disregarding the worldwide growth of the crypto sector.

The Russian crypto supporters urged President Vladimir Putin to alter the government’s stance on regulating the crypto market as it postpones adopting cryptocurrency guidelines.

RACIB Complains About Slow Crypto Regulations 

The RACIB contended in the letter that despite implementing its initial crypto law “On Digital Financial Assets” two years ago, Russia has been sluggish in introducing trial legal frameworks to encourage crypto adoption. Besides, Yury Pripachkin, a high-ranking member of RACIB, contended that Russia was not taking any measures to regulate the domestic crypto market.

Last November, legislators in Russia proposed a “national cryptocurrency exchange” by introducing a set of legal amendments to the crypto law. However, the crypto advocacy group argued that a few of these amendments would impede the adoption of digital financial technologies in Russia as it imposes criminal penalties on native blockchain developers.

Per Alexander Brazhnikov, the executive director of RACIB, the proposed amendments would offer a “sea of choice” to Russian law enforcement agencies in enforcing regulatory policies over the domestic crypto community. Brazhnikov added that digital asset firms would find it challenging to prove that they follow the country’s regulatory guidelines.

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In addition, the RACIB asked Putin to terminate Russia’s aggressive regulatory approach to crypto. They argued that it obstructs local companies from harnessing the complete potential of crypto and may result in “direct financial losses” for the nation.

Furthermore, the group warned that the current state policy on digital financial assets’ regulation poses a substantial threat to the country’s economic future as it delays the integration of new financial technologies, trailing unfriendly and friendly countries.

Bank Of Russia Still Against Legitimizing Crypto Investment

Meanwhile, the RACIB highlighted that overlooking the advantages of the crypto industry poses a significant risk to local talents in the blockchain industry moving to more progressive jurisdictions such as Eurasian Economic Union (EAEU) nations like Kazakhstan and Armenia.

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Therefore, the body appealed to Putin to establish a working group of crypto community members to collaborate with the government in creating the state’s crypto regulatory policy. The group also desired to develop and implement cross-border payment in the country, EAEU jurisdictions, and other nations such as India, China, South Africa, and Brazil.

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However, the latest development comes shortly after the Bank of Russia’s head of the financial stability department, Elizaveta Danilova, restated the central bank’s unwavering position on crypto. Danilova contended that legitimizing crypto investments jeopardizes the well-being of Russian nationals.

However, the Bank of Russia has no objections to permitting crypto usage in cross-border transactions and legalizing crypto mining.


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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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