When it comes to the idea of decentralization, Russia shares a very hard stance just as China does and isn’t ready to make its peace with the crypto industry. Despite that, the country is making solid progress into making money from crypto mining as the oil companies in Russia are using the flared glass to do so. As far as making money goes, Russia is all in, but when it is adopting crypto with full heart, it doesn’t seem to budge at all.
Russia has, however, developed and adopted the first-ever cryptocurrency law in January 2021, but there still exists a lot of uncertainty, and the lack of regulation is making it worse than ever. Yury Pripachkin, the head of RACIB (Russian Association for the crypto-economics, Artificial intelligence, and Blockchain), argues that Russia is not doing enough to further its foundation for the already adopted crypto law. It is half-baked at best and doesn’t apply to the systematic solutions that are needed by the country at this point.
Russia Needs to Revise its Crypto Policy
He has also said in an interview that the President of Russia, Vladimir Putin, has issued several mandates consecutively for the sake of adopting crypto over the course of the past four years. And the progress of the market is in front of everyone, it has only gone up, and the value that it has provided back on the original investment to the investors and traders out there is just out of this world. But seeing all of that, the local lawmakers have done nothing to further this cause or to help Russia secure a prominent spot among the emerging crypto market.
They have been extremely lazy in this regard, which is something no one can expect from crypto regulators of all officials. Russia has a very strong and steadfast approach overall with the crypto market and represents about 10% of it, but the lawmakers are just not ready to grasp this opportunity and to make the best of it yet. The current crypto law for Russia doesn’t do any justice when it comes to defining the key attributes of the market, such as what are smart contracts, crypto mining, and its taxation. This is a completely hollow structure that needs the instant attention of lawmakers.