Putin Advisor Announces Russian Association of Blockchain and Cryptocurrency

News and Analysis

The chief internet advisor to Russian President Vladimir Putin has announced the creation of a new association focused on blockchain and cryptocurrency.

According to local news source RNS, Herman Klimenko revealed the new group – the Russian Association of Blockchain and Cryptocurrency (RABIK) – during an industry discussion regarding the technicalities of initial coin offerings, or ICOs.

Set up to promote blockchain technologies in “government and commercial structures,” the association will also work to develop a dialogue with regulators over the “legitimization” of the technology, RNS said.

According to a statement by the Institute for Internet Development (IRI), RABIK is aimed at blockchain technologists, miners, cryptocurrency holders and ICO investors, and will allow participants certain advantages in the industry.

The IRI specified:

“Participants of the association, among other things, will be given various preferences, including from manufacturers of equipment for creating cryptocurrencies, the opportunity to present their technologies to potential consumers and participate in major state events”.

The development follows statements by deputy minister of finance Alexei Moiseev, who said the ministry proposes to consider cryptocurrencies a financial asset, and sell them via the Moscow Stock Exchange under the supervision by the Rosfinmonitoring. According to the plan, only qualified investors will be able to access buy and sell operations.

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