Russian regulatory bodies have been criticized for their actions regarding the cryptocurrency industry in the country. According to Yuri Pripachkin, head of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), their actions are still “half-hearted” and are not aimed at finding a systematic solution for Russia’s state policy in the field of digital assets.
Speaking to the business news portal RBC, Pripachkin reminded about President Vladimir Putin’s order from Oct. 21, 2017, in which the Russian leader mandated the adoption of legislation tailored to define the legal status of digital technologies utilized in the financial sector by July 2018. The president of Racib, formerly known as the Russian Association of Crypto Industry and Blockchain, noted that since Putin issued the order, the crypto market capitalization has increased by 1,250%.
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Russian Crypto Industry Association Slams Government for Doing ‘Nothing’ to Regulate Sector