Russian Blockchain/Crypto Trade Group RABIK Will Bow Soon

Announcements, Blockchain, Crime, FinTech, Group, News | August 31, 2017 By:

A new trade association that will advocate for cryptocurrency and blockchain issues in Russia is about to be unveiled.

Herman Klimenko, a key advisor on Internet issues to Russian President Vladimir Putin, revealed the new association during a discussion with Russian news organization RNS at a meetup of cryptocurrency meetup DeCenter.. The new group will be called the Russian Association of Blockchain and Cryptocurrency (RABIK) and should launch within two weeks, Klimenko said.

The organization’s first mission is to talk to regulators on ways to legitimize cryptocurrency and talk about ways blockchain can be integrated into government and commercial structures.

 “The new organization will unite participants from the blockchain technology market, cryptocurrency owners – including miners – as well as investors putting funds into blockchain and cryptocurrency-based projects,” Klimenko said.

RABIK appears to be an off-shoot from the Institute for Internet Development, another Russian organization devoted to technology issues. The IRI issued a statement that RABIK will help organization various camps within blockchain and cryptocurrency.

“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 Russian government has been see-sawing on cryptocurrency for some time. Where once it was illegal and actionable to be involved in bitcoin and other cryptocurrencies, the government is now moving toward full legalization.

Still, the occasional nay-sayer in government arises. Just this week, deputy finance minister Dmitry Moiseev called cryptocurrency a “pyramid scheme” and said sales of crypto would be limited to qualified (and regulated) investors.