The head of RACIB criticized the policy of the Russian authorities in relation to cryptocurrencies

Yuri Pripachkin stated that from the point of view of regulation of the crypto industry in the Russian Federation forOver the past four years, “absolutely nothing” has been done to bring the domestic segment of this market out of the shadows.

President of the Russian Association of Cryptoeconomics,artificial intelligence and blockchain (RAKIB) Yuri Pripachkin criticized the actions of the regulatory bodies of the Russian Federation in the field of the cryptoindustry. In his opinion, they are still "half-hearted" and in no way aimed at a systematic solution of state policy in the field of digital assets.

In an interview with RBC-Crypto, Pripachkin recalledon the instructions of Russian President Vladimir Putin dated October 21, 2017, in which the head of state instructed to amend the legislation aimed at defining the concepts and status of digital technologies used in the financial sector before July 1, 2018. The head of RACIB noted that the order was given by Putin when the capitalization of the digital asset market was about $ 200 billion. Four years later, the capitalization of the crypto market exceeded $ 2.7 trillion (an increase of 1250%).

“However, in terms of regulationof the crypto industry in the Russian Federation, according to its professional representatives, absolutely nothing has been done to bring out of the shadow the domestic segment of this market (accounting for more than 10% of the global one), with turnovers comparable to the annual federal budget revenues ($ 270 billion) ", - noted Pripachkin.

According to Pripachkin, on the one hand,cryptocurrency in Russia is now legalized, on the other hand, the rules for its release and circulation are not defined. At the same time, the concept of “smart contract”, which is the key one, is still not mentioned either in the adopted laws or in the draft laws that are under consideration by the legislature.

The Digital Financial Assets Act despitethe absence of a direct ban on mining, this type of activity does not define in any way. At the same time, so far, neither the requirements, nor the procedure for registering economic entities carrying out such activities, nor the procedure for their taxation have been specified, Pripachkin emphasized.

“On the rest of the items of the President's instructions,there are no positive results for the digital industry. Despite the regulatory sandbox formed in 2018, due to the irreconcilable position of the Bank of Russia towards cryptocurrencies, not a single public blockchain project submitted for testing received approval from the country's main financial regulator, "he added.

Russian users, due to the "slowness andopacity "of the current legislation in the field of cryptocurrency regulation, are forced to turn resources outside the national economy in amounts equivalent to $ 250 billion (~ 18 trillion rubles), which is comparable to the total revenues of the entire federal budget of Russia for the entire 2020 (20 trillion rubles), noted head of RAKIB.

</p></p>