March 21, 2023

Russian Crypto Industry Urges Putin to Acknowledge the Importance of Crypto Regulations

The Russian Association of Crypto Industry and Blockchain (RACIB) has written an open letter to President Vladimir Putin, urging him to recognize the importance of regulating the crypto market. The RACIB, a significant group of blockchain and crypto supporters in Russia, has expressed concern over the government’s slow progress in adopting cryptocurrency guidelines.

In the letter, the RACIB highlighted that Russia had implemented its initial crypto law, “On Digital Financial Assets,” two years ago, but has been slow in introducing trial legal frameworks to encourage crypto adoption. The RACIB also criticized the government for not taking any measures to regulate the domestic crypto market, which could lead to potential risks for investors.

Yury Pripachkin, a high-ranking member of RACIB, stated that the government’s stance on regulating the crypto market was causing delays in the adoption of cryptocurrencies in Russia. He urged Putin to take action and change the government’s approach to crypto regulations.

The RACIB’s letter comes at a time when the global crypto market is experiencing significant growth, with many countries adopting crypto regulations to encourage innovation and investment. The RACIB believes that Russia should follow suit and create a favorable environment for the crypto industry to thrive.

The RACIB’s call for action has been echoed by many in the Russian crypto community, who believe that the government’s lack of action is hindering the growth of the industry. They hope that Putin will take note of their concerns and work towards creating a regulatory framework that will benefit both investors and the crypto industry as a whole.

In conclusion, the RACIB’s open letter to Putin highlights the urgent need for the Russian government to acknowledge the importance of regulating the crypto market. With the global crypto market growing at an unprecedented rate, it is essential that Russia takes action to create a favorable environment for the industry to thrive.

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