A new bill seeks to authorize the payment cryptography in Russia

A bill to protect the rights of users of crypto-currencies, while regulating their use for payments, has been submitted to the Russian parliament. This bill defines terms such as “digital currency” and ” digital rights “. It also allows authorities to bring crypto-currencies to tax, succession rights and compensation in the event of bankruptcy.

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Legalization of payments in crypto-currencies

The law amends the Russian civil code in order to create a basis for the legal relationships in the digital economy. The project is co-sponsored by the president of the Duma, Vyacheslav Volodin and the chairman of the committee of parliamentary legislation, Pavel Krasheninnikov. Their objective is to effectively regulate the financial transactions in the digital world. The draft law n° 424632-7 was filed approximately a week after the introduction of the draft law n° 419059-7, developed by the ministry of Finance. In its final version, the law on the financial assets digital regulates the ICO and the mining activities.

Source : Pixabay. Russia is in the process of accepting payments in crypto-currencies.

Moreover, the fate of crypto-currencies, such as Bitcoin, will be decided by the Russian central Bank, which has objected to several times to their circulation and to their trade in the country. In the new law, crypto-currencies are referred to as a digital currency. According to its authors, it is necessary to define legally the crypto-currencies and other terms in order to ensure the protection of the rights of participants in online transactions.

Changes are still planned

The legislation is expected to facilitate digital transactions. The regulation of digital rights creates the basis for a system of taxation in the virtual space. It also provides for the application of measures to prevent money laundering.

If this new law is adopted, it should enter into force on the 1st of may 2018. Additional regulations will determine different aspects of digital rights and the movement of crypto-currencies. They will be developed by the central Bank and the ministry of Finance of the Russian.

Source : NewsBitcoin