The bill governing the legal owners of the tokens and cryptocurrencies within the framework of the Civil code, authored by Chairman of the state Duma Vyacheslav Volodin and the Chairman of the Duma Committee on state construction and legislation Pavel Krasheninnikov suggests the Russians to abandon the crypto-currencies as alternatives to conventional money. This may mean that soon in Russia will be impossible to pay with the cryptocurrency, said a member of the parliamentary Committee on budget and taxes of the Communist party Mikhail Shchapov commentary portal “Politics today.”

According to Shchapov’s the future of cryptocurrencies in Russia will depend on basic concepts of electronic money contained in the document.

“In Russia, where it was twice revived the phenomenon of MMM, the question is, when will the deceived investors of the cryptocurrency — it’s a matter of time. To avoid such situations, the deputies introduced a bill that defines in the Civil code the concepts of token and crypto-currencies”, — the Deputy explains.

Communist stressed before the law is formulated definitions of the terms “token” and “cryptocurrency” and rules of their application, from the point of view of the Russian court the investor put “is unclear as it is unclear on what terms.”

However, the most important item in the bill Michael Shchapov considers an indication that cryptocurrencies are not means of payment.

“Russia proposes to follow the path of renunciation of crypto-currencies as alternatives to conventional money. This means that all who use cryptocurrency as a means of payment, at least, will not be able to rely on the protection of their rights, and, most likely, will be prosecuted by law”, — admitted the Deputy.

Recall, the bill regulating the legal relations of owners of tokens and cryptocurrencies within the framework of the Civil code, introduced by the lower chamber on March 26. The document introduces into circulation the concept of cryptocurrency. The authors also propose to solve the issue of inheritance of virtual assets and to provide their owners with legal protection. Waves CEO Alexander Ivanov, specially for ForkLog explained why this document needs work.

Earlier in March, the Finance Ministry has proposed to introduce criminal liability for the circulation of money substitutes.