President RAKIB: the Law on digital assets will harm the digital economy of the Russian Federation

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The President of the Russian Association of kryptonyte and blockchain (RAKIB) Yuri Pripachkin, the forum “the Blockchain in the digital economy”, organized by the newspaper Vedomosti, said that the draft law on digital assets under consideration in the state Duma, will not solve the problem of effective construction of the digital economy in Russia.

During his speech on Friday, October 26, at the forum “the Blockchain in the digital economy” Chapter RAKIB said that this draft law “On digital of financial assets” which does not even contain the term “cryptocurrency”, will be only “for show”. According to Pripachkin, the real order will not be executed, but the law itself will not work as intended.

“What will the adoption of this law? This will give credinvest in a truncated form. Is it good? Partly, perhaps, well. Decides whether the law in this form, the problem of building an effective digital economy and kriptonyte? No, it doesn’t”.

As it became known, the Russian Union of Industrialists and entrepreneurs (RSPP) jointly with the Russian Association of kryptonyte and blockchain (RAKIB) sent a letter to the government to reconsider laws on digital of financial assets on October 22.

“We RSPP, addressed a letter to the Prime Minister (Dmitry Medvedev – ed.) and (the speaker of the state Duma Vyacheslav – ed.) Volodin that makes no sense to enact legislation in the form in which it is now, you need a comprehensive take, need detailed legislation that would allow the economy to move forward,” Pripachkin said.

According to the President of the Association, what is happening with the legislation on digital of financial assets is the circumcision of the law to the level of the new token, which rotate within companies and it can end cryptoamnesia.

“It will be even worse, all the younger generation, which has built its business on the basis of interaction with digital currencies, while in Russia, will be registered in other jurisdictions, and the economy of the Russian Federation it did not receive.”

Head RAKIB also mentioned the company which business is based exclusively on the “exploitation of digital profiles of citizens”, stressing that only the blockchain technology can regain the trust of users to the web platform with access to the digital data of individuals.

“There is a new right of ownership to citizen as individuals on their own digital profile. But its use is outside the will of the owner. This is almost not even talking to our Asian and European partners. The blockchain as a system of trust, there is no alternative to the new economic way of digital interaction profiles and service platforms”.

Recall also that in the next month to the State Duma will adopt a bill “On regulation of electronic platforms”.

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