The state Duma Committee on state building recommends the adoption in the first reading amendments to the Civil code of the Russian Federation, enshrining the basic norms in the field of digital economy. However, the initiative does not provide for the assignment of the cryptocurrency the status of legal tender. A decision on the bill will be adopted at the plenary session next Wednesday.
The draft was submitted to the speaker of the state Duma Vyacheslav Volodin and the head of the Committee on state building, Pavel Krasheninnikov. The aim was to help regulate and develop the market of new objects of economic relations, which are used only online, but also to create a legal base for circulation of digital rights, the execution of transactions and to provide protection to the citizens and legal entities regarding such transactions.
Also in the text of the draft clarifies the concept of “digital law” and “digital money”. On the recommendation of the legal Department of the state Duma may be replaced with a well-established industry terms “token” and “cryptocurrency”.
Apart from the main objectives, the bill may solve the side issues associated with cryptocurrencies. According to the Director of the educational program “the Blockchain for lawyers” Plekhanov Russian University of Economics Igor Suds, what is important is the fact of the appearance of cryptocurrencies in the Russian legal field:
“It is important for cryptocurrency, and the tokens were included in the legal field of the Russian Federation. On the one hand, it is possible that we have no right to miss. On the other hand, while they are outside the legal field, you can use them to bribe, to divert the money in bankruptcy, to pay black wages just to kidnap — for it will be nothing”.
More accurately the status of the cryptocurrency will determine the law On “digital assets.” According to the decree of the President of Russian Federation Vladimir Putin, it must adopt by 1 July.