Russian Duma to consider bill on crypto currency use

Russian Duma to consider bill on crypto currency use

The document defines tokens and crypto-currencies as property and states that digital financial assets are not legal tender in Russia.

The draft law "On digital financial assets" has been introduced to the State Duma. It defines a crypto currency and a token. The document can be found on State Duma’s website.

A group of deputies led by Anatoly Aksakov, the head of the financial market committee, introduced the bill. The bill proposes to legislate a smart contract - a new type of contract concluded by the parties in electronic form. The obligations under it will be fulfilled using digital financial technologies.

The document defines tokens and crypto-currencies as property and states that digital financial assets are not legal tender in Russia.

The draft proposes to carry out all crypto-currency transactions through the operators of digital financial asset exchange. Only legal entities can become such operators, which is supposed to help combat money laundering and terrorist financing through virtual-currency transactions. "The bill authorizes the Bank of Russia to set a limit on the amount of tokens that unqualified investors can buy, to ensure their safety," the explanatory note says.

In early February, the Bank of Russia proposed to allow miners to sell crypto currencies abroad. Central Bank Deputy Chairwoman Olga Skorobogatova said that the ways to exchange crypto-currencies are being discussed. "We, as the Bank of Russia, believe that they still have to do this outside Russia," she said.

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