March 22, 2023

Today, the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) has urged President Vladimir Putin to engage with the regulatory process surrounding cryptocurrencies and related technologies. The organization fears that Russia may fall behind other nations if it maintains its conservative approach towards new financial technologies.

In a letter to the Russian head of state, Racib 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.” The association is calling on Putin to back the crypto community in shaping the country’s regulatory framework for cryptocurrencies and related technologies.

Russia has been slow to embrace cryptocurrencies, with the government taking a cautious approach to the new technology. However, Racib believes that this approach may be detrimental to the country’s economy in the long run. The association argues that cryptocurrencies and blockchain technology have the potential to revolutionize the financial sector, and that Russia should not be left behind.

Racib’s call for Putin to engage with the regulatory process comes at a time when other countries are taking a more proactive approach to cryptocurrencies. In the United States, for example, the Securities and Exchange Commission (SEC) has been working to establish clear guidelines for cryptocurrencies and initial coin offerings (ICOs).

The association’s letter to Putin is a sign that the crypto community in Russia is becoming increasingly vocal in its demands for regulatory clarity. It remains to be seen whether the Russian government will respond to these calls, but it is clear that the country’s crypto and blockchain sector is eager to move forward.

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