Russian Association of Cryptoeconomics and Artificial Intelligence and Blockchain (Racib), has asked President Vladimir Putin to support the crypto community in shaping Russia’s regulatory framework for cryptocurrency and related technologies.
Its members warned that the government’s attitude to digital asset regulation presents’serious risk of the economy being lagging behind in introducing new financial technologies’, according to crypto news outlets Bits.media, and RBC Crypto.
According to the organization, the Russian government does not permit Russian companies to benefit from the potential of financial instruments. Instead, it forces them to move to other jurisdictions. This results in direct financial losses to the Treasury.
According to Racib’s address, this ‘extremely conservative’ and prohibitive approach could cause Russia to lose momentum in the development and implementation of digital payments systems.
Racib also reminded Putin about the meeting with IT associations in 2019, and the discussions regarding new legislation. The promised fintech-friendly legal systems aren’t being implemented in practice, and the proposed amendments of the law “On Digital Financial Assets” make it more difficult to implement digital technology.
Russoft, a non-profit association of software developers, wrote the letter asking the president to convene a meeting to discuss these issues with participation from the crypto space. The authors also suggested forming a working group to create a pilot project for digital financial technology, which would include cross-border payments that are relevant for Russia in the face of sanctions.