{"id":18450,"date":"2023-03-08T05:29:33","date_gmt":"2023-03-08T05:29:33","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/russian-crypto-industry-association-asks-putin-to-help-with-regulations-regulation-bitcoin-news\/"},"modified":"2023-03-08T05:29:33","modified_gmt":"2023-03-08T05:29:33","slug":"russian-crypto-industry-association-asks-putin-to-help-with-regulations-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/russian-crypto-industry-association-asks-putin-to-help-with-regulations-regulation-bitcoin-news\/","title":{"rendered":"Russian Crypto Industry Association Asks Putin to Help With Regulations \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

The organization representing Russia\u2019s crypto and blockchain sector has urged Vladimir Putin to spur regulatory efforts. The association fears the Russian Federation may lag behind other nations if it maintains its conservative approach towards new financial technologies.<\/strong><\/p>\n

Russian Crypto Businesses Want Putin to Engage With Regulatory Process<\/h2>\n

The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) has called on President of Russia Vladimir Putin to back the crypto community in shaping the country\u2019s regulatory framework for cryptocurrencies and related technologies.<\/p>\n

In a letter<\/a> to the Russian head of state, its members warn that the government\u2019s attitude towards digital asset regulation poses \u201cserious risks of the economy lagging behind in the introduction of new financial technologies,\u201d crypto news outlets Bits.media and RBC Crypto reported.<\/p>\n

The organization insists that the 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 financial losses for the treasury.<\/p>\n

This \u201cextremely conservative and prohibitive approach\u201d may cause Russia to lose pace in the development of the digital economy and deprives the country of the opportunity to become a leader in the implementation of digital payment and accounting systems, according to Racib\u2019s address.<\/p>\n

Racib also reminds Putin about his meeting with IT associations in 2019 and the discussions about new legislation. However, the promised experimental legal regimes for fintechs are not used in reality, while the proposed amendments to the country\u2019s law \u201cOn Digital Financial Assets\u201d make it difficult to implement digital technologies.<\/p>\n

The letter, co-authored by the non-profit partnership of software developers, Russoft, asks the president to call a meeting devoted 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<\/a> relevant for Russia amid sanctions.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
association<\/a>, Crypto<\/a>, crypto community<\/a>, crypto industry<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Laws<\/a>, Legislation<\/a>, Organization<\/a>, President<\/a>, Putin<\/a>, racib<\/a>, Regulation<\/a>, Regulations<\/a>, Russia<\/a>, russian<\/a><\/div>\n<\/div>\n

Do you think Vladimir Putin will respond to Racib\u2019s letter? Share your thoughts on the subject in the comments section below. <\/strong><\/em><\/p>\n

\n
\n\n<\/div>\n
\n
\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, MG Best For You<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n