The Russian Association of Crypto Industry and Blockchain (RACIB), a group of cryptocurrency and blockchain enthusiasts in Russia, has written an open letter to President Vladimir Putin urging him to address the risks associated with neglecting the global growth of the crypto industry.
In their letter, the RACIB pointed out that Russia has been slow to implement experimental legal frameworks to encourage cryptocurrency adoption, despite introducing its initial crypto law on Digital Financial Assets in 2021.
The association urged Putin to end Russia’s restrictive cryptocurrency rules, which prevent local companies from fully utilizing this technology and could result in immediate financial losses for the nation.
RACIB argued that the current policy on regulating digital financial assets poses substantial risks for the Russian economy as it has caused the nation to fall behind both friendly and unfriendly countries by delaying the adoption of innovative financial technologies.
They warned that neglecting the advantages of the crypto industry may result in the migration of talented professionals to developed areas such as Kazakhstan and Armenia, both of which are members of the Eurasian Economic Union (EAEU).
To address this issue, RACIB has requested that Putin create a task force composed of members of the digital assets community to collaborate with the government in devising a crypto regulation plan that would assist Russia in easing its strict stance on cryptocurrencies.
According to the association, many of the measures proposed in a set of legal revisions to the country’s cryptocurrency law introduced in November 2022 would make it more difficult to use digital financial technology in Russia because they would impose criminal penalties on Russian blockchain developers.
Meanwhile, during an economic conference held last month, the first deputy governor of the Bank of Russia, Olga Skorobogatova announced that starting from April 1, 2023, 13 local banks and select merchants will conduct the inaugural genuine digital ruble transactions. The Bank of Russia plans to expand the use of the digital ruble beyond the initial test phase as part of its scheduled rollout.
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