• The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) has asked the President of Russia Vladimir Putin to back the crypto community in shaping the country’s regulatory framework for cryptocurrencies and related technologies.
• Racib warned that if Russia continues its conservative approach towards new financial technologies, it risks lagging behind other nations.
• Racib suggested establishing a working group to prepare a pilot project for the introduction of digital financial technologies, including in cross-border payments relevant for Russia amid sanctions.

Russian Crypto Industry Asks Putin For Help

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.

Regulatory Efforts Needed To Avoid Falling Behind Other Nations

In a letter to the Russian head of state, its members warn that the government’s attitude towards digital asset regulation poses „serious risks of the economy lagging behind in the introduction of new financial technologies,“ according to reports from Bits.media and RBC Crypto. The organization believes that this „extremely conservative and prohibitive approach“ may cause Russia to lose pace in the development of the digital economy.

Pilot Project Suggested To Introduce Digital Financial Technologies

Racib suggested establishing a working group to prepare a pilot project for the introduction of digital financial technologies, including in cross-border payments relevant for Russia amid sanctions. They also suggest calling a meeting with IT associations regarding new legislation and experimental legal regimes for fintechs which are not currently used in reality.

Sanctions Are A Concern For Cross-Border Payments

The proposed amendments to existing law make it difficult to implement digital technologies due to current sanctions against Russia by other nations. This could deprive both businesses based within Russia as well as those who exchange goods with them from taking advantage of potential opportunities presented by new financial instruments such as cryptocurrencies or blockchain technology since they would need access outside sanctioned countries.

Crypto Community Hoping For Help From Putin

The letter was co-authored by non-profit partnership Russoft and asks President Putin directly for help as he had previously met with IT associations about similar matters back in 2019 during discussions about new legislation.. With their plea, Racib hopes that their request will be taken seriously by Putin so that businesses within their industry can remain competitive compared to other nations which have adopted more lenient regulations regarding cryptocurrency technology or blockchain applications .