Russia to create cryptocurrency Arbitration Board following rise in disputes
Following the rise in crypto-related disputes in Russia, the Arbitration Center at the Russian Union of Industrialists and Entrepreneurs (RSPP) has announced creation of a board for disputes on issues pertaining the “digital economy.” Given that the number of disputes are expected to increase by up to 40 times between 2020-2025, as stated by experts, it is inevitable that such a board will be fundamental to the future of cryptocurrencies in the country.
Elina Sidorenko, the head of the Duma group aimed at evaluating the risks of various cryptocurrencies, has stated that the framework for the chamber has already been prepared and that arbitrators have been hired. Sidorenko herself will be the head of the board.
Mineral mining and smelting billionaire Vladimir Potanin, and the head of the Russian innovation fund Skolkovo, Viktor Vekselberg, believe that given the complex systems involved in cryptocurrency, crypto mining and blockchain technology, more time must be spent educating the board on various crypto terms, and have therefore requested to postpone hearings at this time.
The crypto industry keeps attracting more traders, investors and simply users. Governments turn to crypto for resolutions of their existing economic issues, trying to address the involvement of cryptocurrency in our everyday lives. Given Bitcoin’s and various other cryptocurrencies volatility and shady past, it’ll be interesting to see how such a board will affect the cryptocurrency market in Russia’s future.