A group of Russian lobbyists, led by law firm Digital Rights Center, has launched a new campaign against regulatory measures they believe are preventing the introduction of cryptocurrency in the country.
The Center for Digital Rights said on Tuesday that the group has created a platform designed to discourage the adoption of laws that prohibit the circulation of cryptocurrencies and digital assets in Russia. Other founders of the initiative include the Committee on Blockchain Technologies and the Digital Economy, the Russian General Investment Corporation in Russia, and the non-profit organization RoskomSvoboda.
The campaign, called the “Public Initiative of the Crypto Society of Russia”, claims that the proposed rules for the use of digital currencies in Russia “do not meet the needs of the market.”
“The new laws complicate the use of cryptocurrencies in Russia and slow the development of the distributed financial market,” wrote a lobbying group. Activists emphasized that current laws and bills in Russia prohibit the use of cryptocurrencies as a method of payment, and impose severe fines and imprisonment for up to three years for refusing to report cryptocurrency values.
The group has also initiated a public petition directed at key Russian regulatory authorities, including the Ministry of Finance, Ministry of Finance, Bank of Russia, Federal Tax Service and the State Duma Committee on Financial Markets.
The petition, available on the Change.org Change Service website, calls on authorities to reconsider their approach to regulating cryptocurrencies in the country. They also hope to prevent the adoption of four separate regulatory initiatives related to cryptocurrencies, including a new tax plan on digital currencies in Russia. The State Duma approved the bill on first reading in February.
The new petition came amid reports that the Federal Tax Service in Russia intends to require citizens to inform authorities if they own cryptocurrencies. The regulator plans to enforce this requirement under the federal cryptocurrency tax law, according to an alleged letter to Data Economy, a local independent nonprofit organization.