Russian Association of Cryptocurrency and Blockchain

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This article was considered for deletion at Wikipedia on May 25 2018. This is a backup of Wikipedia:Russian_Association_of_Cryptocurrency_and_Blockchain. All of its AfDs can be found at Wikipedia:Special:PrefixIndex/Wikipedia:Articles_for_deletion/Russian_Association_of_Cryptocurrency_and_Blockchain, the first at Wikipedia:Wikipedia:Articles_for_deletion/Russian_Association_of_Cryptocurrency_and_Blockchain. Purge


RACIB (Russian Association of Cryptocurrency and Blockchain) is a Russian non-profit organization. Association of users and developers of blockchain technologies and products created on its basis. According to the founders, the association unites enthusiasts and market participants, cryptocurrency owners, mining engineers and investors.[1]


August 29, 2017, the authorized adviser to the President of the Russian Federation on Internet issues, Herman Klimenko, announced the establishment of the Russian Association of Cryptocurrency and Blockchain – RACIB (formerly RABIC) with a structural directions: Crypto and mining committee, ICO and crowdfunding committee, Blockchain committee, the direction of international cooperation. The global mission of RACIB was initially aimed at promoting the development and integration of new technologies together with the legalization of a digital currencies use on a distributed register technologies in the Russian economy.[2]

Arseniy Shcheltsin, Director of the ANO IRI, and Yuri Pripachkin (an expert in the field of telecommunication technologies) were working group initials on the establishment of the RACIB. Yuri Pripachkin was appointed chairman of the organizing committee for the establishment of the RACIB.[3]

On September 6, 2017, the RACIB’s Organising Committee meeting, where the governing bodies were defined and directions for further work were approved, was held. Yuri Pripachkin was appointed the president of RACIB, and Arseniy Shchetsin – the director.[4] The supreme management body of the RACIB is the Supervisory Board, the formation of which should occur during the registration of participants.

The Vice-President for designing and developing Acronis software – Stanislav Protasov, public figure and blockchain expert Alexander Treschev, member of the supervisory board of the Ethereum project – Vladislav Martynov and others were accepted to the Supervisory Board of the RACIB.[5]

The creator of the Ethereum blockchain platform, Vitaliy Buterin, during an open meeting in the Skolkovo Innovation Park, officially stated that he welcomes and supports the birth of RACIB. He also added that he does not have any business relations with the Association.[6]

On October 13, 2017, the Russian Ministry of Justice of registered an association of legal entities: «The Association of developers and users of blockchain technology and products created on its basis, in the interests of the digital economy development». The founder and the former co-owner of the Akado group Yuri Pripachkin, as well as the blockchain expert Alexander Treschev, acted as the founders of the organization.[7][8][9]


The executive bodies of the RACIB are: the president (sole executive body), director, board. The Board of the Association is an advisory body under the president of the Association and consists of vice-presidents, as well as other persons appointed by the president. Management structure:[10][11]

  • President – Pripachkin Yuri Igorevich
  • Director – Shcheltsin Arseniy Alexandrovich
  • First Vice-President – Romanyuk Valery Ivanovich
  • Vice President for Software in Mining – Abramenko Alexander Alexandrovich
  • Vice President of Digital Assets Development – Akimov Zamir Nadirovich
  • Vice President of Data Processing – Balakin Maxim Andreevich
  • Vice President of Security Technologies Development – Alexander Brazhnikov
  • Vice President of Acceleration – Victor Goncharuk
  • Vice President for Trading – Andrey Grachev
  • Head of the Legal Committee – Gultyaeva Elena Viktorovna
  • Vice-President for Information Security – Davidov Denisov
  • Vice-President of the "escrow" mechanism implementation – Dusnov Denis Alexandrovich
  • Vice President of Media Assets and Systems of their Management Development – Kamnev Vyacheslav Evgenevich
  • Vice President for Market Development and Regulation – Petrov Valery Stanislavovich
  • Vice President for Digital Integration – Sergei V. Ruchiev
  • Vice-president of communications – Rychka Denis Anatolievich
  • Vice President of Organized Trade in Digital Financial Assets Development – Sutormin Dmitry Konstantinovich
  • Vice President for International Cooperation – Chereshnev Maxim Andreyevich
  • Vice-President for Special Projects – Shadrina Olga Vyacheslavovna


RACIB declares its purpose the blockchain technologies dissemination in Russia, integration into various spheres of the economy, as well as the creation of proposals for the settlement of the cryptocurrency market assets.

In the first week of the registration operation, more than 650 users submitted applications to the organization, including experienced miners, blockchain experts, cryptocurrency users, ICO organizers.[12] In the first 3 months of the RACIB's existence, more than 1,400 legal entities and individuals who work in the field of blockchain technologies were registered as participants. Heads and representatives of such companies as VTB, IBM, VEB, QIWI Group, EY, Waves Platform, Rosatom, FINAM, Acronis, Almaz Capital Partners, Skolkovo, etc. have been added to the newly created Supervisory Board.[13]

RACIB acted as an organizer of the Blockchain Economics Award for its services of blockchain technologies development, the nominees of which were Russian companies and state bodies: PJSC Sberbank, PJSC Megafon, DIT Moscow, Rosreestr, FinTech Association and others. The special award named after Satoshi Nakamoto for a contribution of the blockchain technologies industry development was awarded to the government of the Bolivarian Republic of Venezuela for the launch of the national currency El Petro. The award ceremony was attended by Venezuelan Ambassador Extraordinary and Plenipotentiary to Russia Carlos Rafael Faria Tortosa.[14]

Participation in legislative regulation

The Association carries out the preparation of decisions for the formation of the state policy of the Russian Federation in the framework of promoting and applying blockchain technologies in the financial sector. RACIB and Dentons (an international law firm) signed a partnership agreement on cooperation and expert interaction in the legal field in order to regulate figures in the financial sector, as well as the mining of cryptocurrencies and the implementation of tokens.[15][16]

In October 2017, the director of the RACIB announced the initiative of legalizing smart contracts.[17] The corresponding proposal was sent to the State Duma. Smart contracts are contracts concluded completely in digital form, the execution of which is provided by automated computer protocols without human participation.

«It is necessary to regulate such contracts legally so that Russians can use this technology. This is important for business processes optimization, which is achieved by process automation. First of all, changes will affect investment contracts, which are necessary for the crowdinvesting work. Further, such technologies are applicable in all areas where there are digital rights to objects» – the director of the RACIB Arseniy Sheltsin / RT [18]

In May 2018, in the first reading, bills «On digital financial assets», «On attracting investments using investment platforms» and «On digital rights» were adopted. Which fix a new type of contract, concluded in electronic form – a smart contract, as fulfillment of obligations using digital financial technologies.[19]

Due to the first draft laws consideration aimed at determining the legal regime and the status of cryptocurrencies and tokens as well as regulating the market for such assets, the Russian Committee on Financial Markets instructed the Association to prepare comments on three draft laws that were on closer examination: «On Digital Financial Assets», «On Alternative Methods of Attracting Investments» and «On Introducing Amendments» to Parts 1.2 and 4 of the Civil Code of the Russian Federation». An appropriate working group was formed, which included regular experts and specialists from partner organizations of RACIB to form the position of participants in this market.[20]The draft law «On Digital Assets», introduced on March 20, was actually criticized by the official representatives of the RACIB.[21]

Andrey Grachev headed a special committee of the trading direction, which is aimed at preparing a regulatory and tax base in the field of cryptocurrency and digital assets. The main tasks of the committee are: preparation of the legislative base, formation of standards, evaluation, certification of traders. It is planned to establish an advance training and development center.[22]


In March 2018, RACIB issued a number of initiatives of the ICO legalization, outlining them in the relevant report on the measures «to achieve Russia's leading position in the field of blockchain technologies» to the President of the Russian Federation. The document was based on the research work of RACIB, during which the losses of the Russian economy of 310 million rubles in 2017 are being clarified – attracted through ICO investments, as the process was carried out outside the legal field.[23]

RACIB develops a common standard for ICO projects (Initial coin offering). As reported by Izvestia, this is the first unified standard for assessing the companies’ reliability entering the ICO in the world practice.[24] According to the director of the RACIB, the Russian rating system will be applicable not only to domestic companies, but also to foreign ones. For this purpose, RACIB has entered into partnership agreements with 30 organizations that unite the largest market players in different countries.

«In any project, there are many features that affect the final valuation in the rating: who is in the team, whether any of its participants was noticed in fraudulent actions, what kind of business model the company does and whether it can survive in a year or two, how promising the idea is and how new it is ... Evaluation can give the investor an understanding of whether to trust the project and whether it is worth investing in it» – Arseniy Shcheltsin[25]

The process of developing the draft document was headed by the vice-president of the association Denis Dushnov, the head of the Escrow mechanism implementation. The organizer of the standard was the founder of Digrate, an expert of the State Duma council on digital economy and blockchain technologies, Poyarkov Arseniy.[26][27]

The association announced the establishment of an international fund of the investors' rights protection in the ICO. The first task of the fund was a collective lawsuit of crypto-investors against the ban on cryptocurrency advertising Google, Twitter, Facebook, Yandex.[28]


In 2017, RACIB received more than 40 applications from legal entities and individuals - residents of Europe and China regarding the mining equipment deployment in Russia. Director of the association Arseniy Shcheltsin added that the organization has already formed a special committee of miners with the participation of the CIS and China representatives, who are working on proposals in order to increase the investment appeal of mining in Russia. It is reported that the recommendations were sent to the Ministry of Economic Development and the Ministry of Energy of the Russian Federation.[29][30]

RACIB initiated a project of the national mining pool MineRussia, which allows domestic miners to combine their computing power.[31] One of the investors and co-founders of this project was co-owner and general director of the corporate messenger Dialog Nikita Goldsmith. The preliminary investment in the project is $ 4-5 million. According to the representatives of the project, the mining pool has the prospect of becoming a national pool and compete with the largest players, including NanoPool, F2pool and AntPool.[31]




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