Sunday, September 24, 2023

The Russian Crypto Industry Association has formally appealed to President Vladimir Putin to commit himself to the regulation of digital finance and blockchain technologies. The association believes that if Russia continues with its current conservative stance, it will be left behind as other nations make progress in this space. As the world rapidly embraces digital currency and financial technology, the association is urging Putin to invest in these burgeoning technologies and create a supportive environment for their development. With the support of the government, the association believes it can lead the fight for regulatory clarity and provide greater stability for the growth of the crypto sector in the country.

Racib Urges Putin to Invest in Blockchain Technologies and Create an Environment Conducive To Digital Financial Technologies!

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’s regulatory framework for cryptocurrencies and related technologies. In a letter sent to Putin, the association wrote that the current state policy does not allow Russian companies to take advantage of the potential of new financial instruments, forcing them to relocate to other jurisdictions where more advanced development and regulation solutions exist. The association also warned that if Russia does not look into regulations and laws regarding emerging technologies it may fall behind in the global competition and miss the opportunity to become a leader in the implementation of digital payment and accounting systems.

Racib suggests establishing a working group to prepare a pilot project for the introduction of digital financial technologies in Russia. The proposal includes gradual introduction of digital assets and digital payments, developing infrastructure for conducting operations with crypto assets, and introducing rules for disclosure of information related to crypto assets. The letter further requests the president to call a meeting devoted to matters of digital financial technologies and consider proposals from the association with regards to regulating crypto industry in Russia.

The letter underlines that Racib is willing to help formulating effective guidelines for developing new tools in finance sector, launch innovation projects as well as support existing ones. It also stresses that it would be useful for Russia to join international forums devoted to blockchain-related technologies, such as those organized by G20 or G7 countries, which would allow for exchanging experience and best practices with other developed nations.

The association believes that engaging in discussions around crypto regulations will open up new business opportunities, create jobs and boost investments into blockchain-related projects while also contributing to making general public aware of this technology’s advantages, thereby creating an environment conducive towards its development.

Racib urges Putin’s involvement in discussing issues around crypto industry regulations as it could lead to better understanding and appreciation of potential benefits modern technologies can bring forth not only for businesses but also for government bodies, citizens and society at large.

In summary, the Russian Crypto Industry Association has urged President Putin to invest in blockchain technologies and create a welcoming environment for digital financial technologies. This call further highlights the increasing importance of cryptocurrency and its underlying technology, blockchain, in the global economy. As the regulatory framework of the industry continues to expand and evolve, it is essential that the Russian government takes an active role in the process to ensure that the entire nation can benefit from the immense potential of cryptocurrencies.


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