The Call for Change
As the Russian crypto scene sits on the edge of its seat, local advocates have decided enough is enough. The Russian Association of Crypto Industry and Blockchain (RACIB) has taken the bold step of addressing President Vladimir Putin directly—perhaps hoping that a well-placed letter might do what years of lobbying could not.
The Sluggish Pace of Progress
RACIB’s open letter, issued on March 6, emphasizes the dangers of ignoring the global crypto evolution. Despite Russia’s first tentative steps towards regulation with the 2021 law “On Digital Financial Assets,” advocates believe the country has been dragging its feet like a toddler refusing to get dressed.
Legal Amendments or Legal Headaches?
In November 2022, a series of modifications to the crypto law were proposed, aiming to create a “national cryptocurrency exchange.” But hold your horses—these measures could complexify the scene. RACIB’s executive director, Alexander Brazhnikov, warned that the amendments might suffocate local innovation by bringing in severe criminal penalties for blockchain developers. It’s as if the government is trying to run a marathon in flip-flops.
The Risks We Face
Brazhnikov noted, “It will not be easy for companies in the digital asset industry to prove that they are operating within the framework of Russian legislation.” Sounds fun, right? Meanwhile, the RACIB is sounding the alarm that Russia risks missing out on essential advancements in the financial world, potentially lagging behind even its friendly neighbors. This isn’t just about being fashionable; it’s about survival in a competitive global landscape.
A Creative Solution
To push for a more positive regulatory approach, RACIB has proposed establishing a working group that includes members from the digital asset community. This could be the first step towards crafting a reasonable regulatory framework. They’ve even set their sights on cross-border payments, collaborating with countries like Brazil, India, and even South Africa. So, while the rest of the world jumps on the crypto train, Russia might still be looking at the map trying to figure out where the station is.
The Dilemma of Legalization
Despite these calls for a more open approach to crypto, the Bank of Russia stands firm, primarily worried about the welfare of its citizens. Elizaveta Danilova, head of the financial stability department, is not ready to see a full embrace of crypto investments, even while allowing crypto mining and cross-border transactions. It’s a bit of a mixed message—like being told you can have dessert but only if you finish your vegetables first.
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