Russia’s Internet advisor to Vladimir Putin has announced the creation of Blockchain Association which will give “preferential advantages” to participants.

Speaking as part of a meetup organized by local cryptocurrency news portal DeCenter, Herman Klimenko said that the Russian Blockchain and Cryptocurrency Association (RABIK) would come into being “within the next two weeks.”

“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,” he commented.

Contradictory process

Russia is currently in the midst of a complex and contradictory regulatory process for cryptocurrencies.

Despite the government actively pursuing competition with China for Bitcoin mining supremacy, deputy finance minister Dmitry Moiseev said this week he had plans to ban cryptocurrency sales to members of the public.

He added it was “hard to argue against” the case that cryptocurrencies were a “pyramid scheme.”

The new association, however, continues the Moiseev’s notion that only “qualified” individuals should have exposure to cryptoassets.

“Various preferences among other things will be available to participants of the association,” Klimenko confirmed.

“This will include manufacturers of equipment used in creating cryptocurrencies, the option to present technologies before potential consumers and the chance to take part in major state events.”