Is Russia Missing Out on Crypto Adoption? RACIB Urges Putin to Act Now

1. RACIB calls out sluggish regulatory approach hindering crypto growth
2. Negative impact includes financial losses and talent relocation
3. RACIB proposes a working group for state crypto regulation policy and cross-border payment systems implementation

In a bold move, the Russian Association of Crypto Industry and Blockchain (RACIB) has sent President Vladimir Putin an open letter calling for immediate action on cryptocurrency legislation. The group, which represents crypto and blockchain enthusiasts across Russia, has called out the government’s sluggish approach to market regulation and urged the adoption of experimental legal regimes to enable the growth of the crypto sector.

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Despite Russia adopting its first crypto law in 2021, RACIB claims that the nation is falling behind in the development of crypto adoption. In their letter to Putin, the group has highlighted the negative impact of Russia’s regulatory position on cryptocurrencies, including direct financial losses for the nation and the relocation of local talent to advanced jurisdictions such as Kazakhstan and Armenia.

To persuade Russia to soften its stance on crypto regulation, the RACIB has requested that Putin assemble a working group of digital asset community representatives to assist the government in developing a state crypto regulation policy. The group is particularly interested in the creation and implementation of cross-border payment systems in Russia, EAEU territories, and other nations, including Brazil, India, China, and South Africa.

The Russian crypto industry’s call to action is a clear indication that the world is moving towards embracing the potential of cryptocurrencies. It’s time for Russia to seize this opportunity and join the global crypto revolution.

In other headlines, on-chain data analytics firms Glassnode and PeckShield informed the cryptocurrency market that law enforcement authorities of the United States transferred approximately 49,000 bitcoins (BTC) to many wallets.

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