Russian Citizens Disappointed With Lack Of Regulations
We can now safely say that Russia has been trying to pass cryptocurrency bills since the start of this year. With success has yet to be found, country’s citizens becoming increasingly annoyed and disappointed with lack of regulations and they believe Russia set to miss Blockchain train.
After a series of disagreements over the bills, Russia president Vladimir Putin stated the bill set to viewed again on October as he wants to be sure that the bill requires all sorts of things that he wants.
According to Blockchain lawyer Artem Tolkachev, the regulators are afraid of the complexity of the subject. Tolkachev adds the regulators have no idea on how to regulate the entire business also there are a couple of disagreements over when this will bills will come to an action.
Tolkachev stated the Russian Central Bank has more of a conservative approach towards Blockchain and cryptocurrencies but the Russian Ministry of Economic Developments has other ideas as they are trying to implement this technology as soon as possible.
Tolkachev said he and Russian crypto community are disappointed with lack of actions and regulations from the government as he said they have still no idea about how to invest in ICO’s in certain conditions. Tolkachev said despite the regulators put off a few of frameworks, these are completely ineffective. He adds:
“I spent around two years discussing with the central bank, the Ministry of Finance, the Ministry of Economic Development, the general security service and all [the] other guys [about] how we can regulate this stuff. And I was trying to sell the idea […] that we can be said the country who attracts that kind of business and have the crypto-friendly environment here. Unfortunately, we have what we have. What can I say? That’s it.”
Meanwhile, Yuri Igorevich Pripachkin, the president of Russian Blockchain and Cryptocurrency Association, said the current terms are pretty bad and unfavourable and far behind the likes of Switzerland, Kazakhstan and Belarus. Pripachkin also added countries like Singapur and Switzerland have moved ahead on Russia with the adoption race and that is not good for the Russian Federation.
Finishing with Tolkachev, he said the draft laws are unsatisfying because and it’s not creating regulation for existing cryptocurrencies and tokens, instead it’s just specifically made for the ICO’s. Tolkachev said:
“According to these draft laws, none of the existing cryptocurrencies, especially cryptocurrencies with nothing behind [them], for example, Bitcoin […] will be allowed in Russia. It wouldn’t be under the scope of this legislation at all. According to the three bills, we can talk only about some kind of asset-based tokens, not about cryptocurrency.”
Finally, Pripachkin said they would like to sit down with regulators and speak about the matter as he added:
“For now, we’re working on preparation of some kind of tips, we really hope that they are going to hear us, according to these remarks we are preparing […] legal bodies should really understand that if they are going to accept the law which is not in the interested of such industry, then this industry is not going to survive.”
It seems the Russian Federation are in a bit tricky situation right now. Lack of regulations will likely to result as Russia fallen behind in this race and this is certainly not the Russian president Vladimir Putin wants.