leader of RussiaThe cryptocurrency asset and blockchain industry say they want to meet with President Vladimir Putin for a face-to-face conversation about crypto regulation.
media outlet rbc The report states that the request was made by the Russian Association of the Cryptocurrency Industry and Blockchain (RACIB) and a software developers union called Russoft. The parties co-authored a letter, which they submitted to Putin’s office shared online,
The parties called on Putin to lead a “workshop” that would agree on “policy foundations” in the area of ”crypto regulation.” The authors asked Putin to allow “representatives” of the “organized” crypto community to attend the meeting.
The parties claimed that there was a “serious risk” that the Russian economy would “lag behind” international counterparts. This will happen if Moscow fails to introduce “new financial technologies”, it claimed.
The authors said that both Russia’s political enemies and “friendly” countries were now threatening to overtake Russia in the crypto and fintech sectors.
Russian crypto regulation hangs in the balance, with Moscow deeply divided on the issue. The country’s finance and commerce ministries regulate crypto firms, issue licenses to domestic crypto exchanges, and oblige industrial miners to pay taxes on their earnings.
But the Central Bank – headed by key Putin ally Elvira Nabiullina Strongly opposed, Nabiullina wants to implement an almost complete, China-style crypto ban, and instead wants to champion a digital ruble.
The impasse has spurred talk of a settlement, which has raised concerns for RACIB and other industry groups.
Why does the Russian crypto leader want to meet Putin?
The authors of the letter claimed that the current policy proposals “will not allow Russian businesses to fully realize the potential of new financial instruments.”
He claimed that Russian companies could look at the possibility of relocating to other countries. And he said it would mean “a direct financial loss to the Treasury.”
The bodies lamented the “extremely conservative and prohibitionist approach” of policy makers.
And he warned that following an overly conservative approach to crypto regulation would mean Russia would lose momentum with global digital economic growth.
The authors claimed that Russia would lose its “opportunity” to become a global leader in digital payments if it were to implement stricter regulations.
RACIB called on Putin’s office to form a crypto working group and launch a crypto “pilot project”.
The body remarked that these pilots could explore the cross-border payments space with Russian political allies as well as fellow BRICS (Brazil, Russia, India, China and South Africa) countries.
BRICS members have Recently Revised Plan to Launch a Common Stablecoin, Moscow and Tehran have also held talks about creating a gold-backed token that would allow them to trade without using the US dollar.