The working group of the Skolkovo Legal has developed a draft law on electronic transaction form. It aims to regulate the relations of the parties, using smart contracts. About this in his Telegram channel said the head of the interdepartmental group on risk assessment of turnover of cryptocurrency in Russia Elina Sidorenko.

The bill suggests that the regulation of transactions conducted through electronic communication and electronic signatures will be held in the framework of the Civil Code of the Russian Federation. This means that such contracts are equal to transactions in writing, and can be used interchangeably.

The document States that the obligations of the parties under the transaction can be executed automatically based on pre-agreed algorithm, without their direct involvement.

Also, under the bill, the contract on the sale and donation of real estate, lease of buildings can be enclosed in electronic form, provided their identity electronic signature of a notary. The use of electronic signatures in the preparation of wills is not allowed.

According to the authors of the document, the new bill will allow the Russian Federation to adapt to the “ever-expanding digital environment.”

We will remind, in may the Russian state Duma in the first reading approved the draft law “On digital of financial assets”.