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Russian Blockchain Association Urges Govt to Postpone Digital Currency Law

  • The Russian Association of Cryptoindustry and Blockchain (RACIB) has joined the Russian Union of Industrialists and Entrepreneurs (RSSP), noted in letter

Cover image via U.Today

The Russian Association of Cryptoindustry and Blockchain (RACIB) has joined the Russian Union of Industrialists and Entrepreneurs (RSSP) in writing a letter addressing Russia’s Prime Minister Dmitry Medvedev and Chairman of the State Duma Vyacheslav Volodin. In this letter, the two associations suggested the government should postpone passing the law on digital currencies until 2019. They believe that the current version of the document contains too vague a description of the terms ‘cryptocurrency industry’ and ‘mining’.

The head of RACIB Yuri Pripachkin said in a recent interview that Russian businesses are interested in legalizing the crypto industry. However, he reckons that cryptocurrencies must not be brought down to simply “tokens to be used within their emitters”. Otherwise, startups will register their firms abroad and Russian economy will benefit nothing from this scenario.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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