Union says Russia to lose up to $15 bln/yr if bans cryptocurrencies

MOSCOW, May 28 (PRIME) -- Russia will lose up to U.S. $15 billion per year if it bans the development and use of cryptocurrencies, including banning the mining sector, the Russian Association of Cryptoindustry and Blockchain (RACIB) said in a letter seen by PRIME on Thursday.

RACIB President Yury Pripachkin sent the letter on Monday to Anatoly Aksakov, chairman of the financial market committee at the State Duma, the parliament’s lower house, and Economic Development Minister Maxim Reshetnikov.

The country does not have a legal status for smart contracts, cryptocurrencies, initial coin offerings or mining. Three bills are still being considered.

The letter said that adoption of the bills on digital financial assets as they are will entail “extremely negative consequences” for the country.

“Russia will finally reject claims for leadership in innovative technologies of a new digital economic environment as a legislative ban is introduced not only on participation in developments and use, but also in distribution of information on organization or issuance and organization of circulation of a digital currency,” RACIB said.

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