In the state Duma introduced a bill on recognition of cryptocurrency as means of payment

© RIA Novosti / Natalia to Seliverstova in photobacteria of the State Duma of the Russian Federation. Archival photoIn the state Duma introduced a bill on recognition of cryptocurrency as means of payment© RIA Novosti / Natalia to Seliverstova the image Bank

Deputies Anatoly Aksakov, Igor Divinsky, Oleg Nikolaev and Senator Nikolai Zhuravlev submitted to the state Duma a bill on digital of financial assets whereby such assets are not recognised legal tender on the territory of the Russian Federation, follows from the database of the lower house of Parliament.

The document introduces definitions digital of financial assets, which include cryptocurrency and token, and legislate a new kind of contract concluded in electronic form — smart contract, fulfillment of obligations on which is performed using digital financial technology.

The bill establishes that cryptocurrency and token are the property, identifying the key differences between bitcoin and token based on the sign of one Issuer (the token) and multiple issuers/ miners (cryptocurrency), as well as the purpose of the release. In this case clearly establishes that digital financial assets are not legal tender in the territory of the Russian Federation.

The document also provides definitions of the terms «digital recording and digital transaction» establishes the legal basis for the implementation of new activities, which include activities aimed at the creation of a cryptocurrency or receive remuneration in the form of cryptocurrency (mining), as well as the activity for confirmation of validity of digital records in a distributed registry of digital transactions (validation).

The document allows to exchange tokens for rubles or foreign currency only through the operators of digital exchange of financial assets. Such operators can be only brokers, dealers, legal entities engaged in asset management and exchange platform. A list of other allowed in Russia exchange transactions are digital of financial assets, as well as their terms and conditions, the bill will establish a Central Bank in coordination with the government.

A separate article sets out the legal framework for the Russia issuing tokens (Initial Token Offering, ICO). The token of one type can only be one Issuer. The maximum amount by which persons who are not qualified investors can purchase tokens in the same issue, will establish Bank of Russia.
In the state Duma introduced a bill on recognition of cryptocurrency as means of payment© Integratiebeleid and bitcoin

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