- Putin must help with regulations, according to the Russian Crypto Business Association.
Russian cryptocurrency companies want Putin to participate in the regulatory process.
The Russian Association of cryptoeconomics, Artificial Intelligence, and Blockchain (Racib) has urged Russian President Vladimir Putin to support the crypto community in shaping Russia’s regulatory framework for cryptocurrencies and related technologies.
Members of the group warned the Russian president in a letter that the government’s approach to regulating digital assets poses “severe dangers of the economy trailing behind in the introduction of new financial technology,” according to the cryptocurrency news portals Bits. Media and RBC Crypto.
The group maintains that the government’s existing policies prevent Russian businesses from benefiting from the potential of new financial instruments and drive them to relocate, which causes the treasury to suffer immediate financial losses.
According to Racib’s talk, this “very conservative and prohibitive approach” may cause Russia to lag behind in the advancement of the digital economy and deny the nation the chance to take the lead in the adoption of digital payment and accounting systems.
Another issue brought up by Racib is Putin’s meeting with IT associations in 2019 and the discussions surrounding new laws. The country’s proposed changes to the statute “On Digital Financial Assets” make it challenging to use digital technologies, despite the experimental legal frameworks for fintech not being employed in practice.
The letter, co-authored by the non-profit software developer partnership Russoft, requests that the president convene a meeting devoted to these issues, with participation from the crypto space. They also propose forming a working group to develop a pilot project for the implementation of digital financial technologies, including cross-border payments relevant to Russia in light of sanctions.
source:
https://news.bitcoin.com/russian-crypto-industry-association-asks-putin-to-help-with-regulations/
