Russia Affirms That Regulations Are Not Intended To Kill ICOs

First deputy Prime Minister of Russia, Igor Shuvalov received a humble request from a participant at a youth forum in Sochi last week to not let ICOs die as a result of regulation. He promised and guaranteed that the Government of Russia will stand for ICO’s and protect them from shut down operations.

Shuvalov said,

“We still do not know if it’s harmful or not, but we are already trying to ban and close it down. If our place is among advanced countries, and we want to succeed in this competitive race and even create better standards of life than our partners we are looking at on their social economic standards, one must be a little bolder.”

As a regulatory measure; the Russian government has imposed a temporary ban on such operations. According to Russian President Vladimir Putin, ICO’s holds huge potential in the future and authorities were asked not to obstruct its operation. Many discussions were made to legalize operating ICOs. For legalizing ICOs, The Russian Association of Blockchain and Cryptocurrency (RABIK) is preparing a new draft law and a bill. Yuri Pripachkin, the President of RABIK said, “Most likely, it will be its own model, since other countries, when regulating ICOs, rely on previous experience of instruments for attracting financing such as IPO, crowdfunding, etc.”

The Chairman of Vnesheconombank (VEB), Sergei Gorkov said that the state needs to take standfor working of ICOs. He stated that, “ICO is a phenomenon. From my point of view, this is an opportunity to attract additional money to the economy. It is necessary to assess the risks, which are formed in this connection, but this is one of the possibilities.”

Promoting the thought of Sergei, Shuvalov said,

“We need to be very careful about this so that people are not deceived so that rascals and lawbreakers do not use people’s trust to simply shake money and create pyramids…But not to put obstacles in the way of new opportunities. ICO is a tremendous opportunity.”


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