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A Russian Organization Campaigns Against Anti-Crypto Legislation

By Ollie H. - Crypto Consultant - 06-04-2021

Russian crypto proponents, "do not meet the needs" of the cryptocurrency industry.

A group of Russian lobbyists headed by the house Digital Rights Center has initiated a brand-new campaign against regulatory policies that they believe are impeding growth to buy cryptocurrency in Russia.

The organization has established a forum to assist in resisting the implementation of laws that impede the exchange of cryptocurrencies and digital assets in Russia, in step with the Digital Rights Center, which was announced on Tuesday.

The Commission for Blockchain Technologies as well as the Digital Economy, the Russian-wide public corporation Investment Russia, and the non-profit organization RosComSvoboda are all founding members of the initiative.

The movement dubbed the "Public initiative of the crypto community in Russia" claims that the proposed regulations for digital currencies in Russia do not meet the wants of the market. The activists stressed that Russia's current laws and bills ban the employment of cryptocurrencies as payment and propose harsh punishments and prison sentences of up to 3 years for failing to declare one's crypto holdings.

The group has also launched a public petition to major Russian regulators like the Ministry of Finance, Economic Development, the Bank of Russia, the Federal Taxation Service, and therefore the Russian State Duma Committee on Financial Markets.

The petition on Change.org asks the authorities to rethink their approach to regulating cryptocurrency within the nation. They also hope to forestall the implementation of 4 different crypto-related regulatory measures, including Russia's proposed a cryptocurrency trading taxation bill. The bill was approved in its presentation by the State Duma in February.

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