- The Russian crypto Industry is accusing the government of not being crypto-friendly for years in terms of regulation.
- This comes as a response to how President Putin asked institutions to legally define digital assets of late.
Today, the Russian crypto Industry is seriously criticizing the government for doing extremely nothing to regulate the digital asset industry, particularly in the country. The protestors are wild mainly on authorities in Moscow to be precise.
In detail, the crypto Industry’s rebuke comes as a response to how President Vladimir Putin ordered institutions to redefine the status of digital assets legally of late.
In line with this, the Head of the Russian Association of Cryptoeconomics Yuri Pripachkin remarked his opinion on the matter. As per Pripachkin, their current action towards the authority in charge is “half-hearted.” They don’t intend to decide a solution for Russia’s state policy in the crypto space.
Also, formal Russian Association of Crypto Industry and Blockchain, “President of Racib” mentioned that the crypto market cap has grown up to 1,250% ever since Putin issued the order.
The President of Racib said,
Despite the establishment of a regulatory sandbox in 2018, due to the irreconcilable position of Bank of Russia towards cryptocurrencies, not a single public blockchain project submitted for testing has received approval from the country’s main financial regulator.
With this said, Pripachkin also added up that Russia has not even attempted to approve smart contracts since its previous legislation. Furthermore, despite how the crypto industry is calling for a proper crypto regulation in the country, the Central Bank of Russia has even come out that it is not ready to enable bitcoin ETFs.