As Russia continues to delay the adoption of cryptocurrency regulations, local advocates have appealed to Russian president Vladimir Putin to change the government’s approach to regulating the market.

The Russian Association of Crypto Industry and Blockchain (RACIB), a major group of crypto and blockchain enthusiasts in Russia, issued an open letter to Putin on March 6, urging the president to address the risks of ignoring the global development of the crypto industry.

In the letter, the RACIB argued that Russia has been too slow to implement experimental legal regimes targeting the adoption of crypto despite enforcing its first crypto law, “On Digital Financial Assets,” in 2021.

The RACIB has ultimately called for Putin to put an end to Russia’s hostile regulatory stance on crypto, as it prevents local businesses from fully using the potential of crypto and would potentially lead the country to “direct financial losses.”

(By HELEN PARTZ)