A new bill has been introduced into the Russia’s parliament. And the bill defines terms like “digital money” and “digital rights”. The law amends Russia’s Civil Code to create a basis for “legal relations in the digital economy”. The draft is co-sponsored by the Speaker of State Duma, Vyacheslav Volodin, and the head of the parliamentary Legislation Committee, Pavel Krasheninnikov
“In perspective, digital money will be used as a payment instrument, but only in cases and on terms established by the law,”
Quantities will be controlled and users’ information will be collected. Lawmakers claim this will allow authorities to track cryptocurrencies in cases of bankruptcy and also apply inheritance rights.
Read Also: Why UK Government is Calling for Proportionate Crypto Rules
If adopted, the new digital economy law should enter into force by May 1, 2018. If the latest bill wins support in parliament, cryptos may be accepted as means of payment in Russia after all.
But wait, do you see the possibility of that? Say someday, crypto would be legalized in Russia? Drop your comments below and subscribe to our newsletter for more latest crypto news.
