Russia Passes Bill for Digital Currencies
By Jamie Green – Cryptocurrency Expert
The Russian State of Duma has approved, in its third reading, a bill to address the regulation of digital currency and digital financial assets (DFA). This newly approved sector of the law, for the first time, provides a definition to digital currencies. According to the bill, the digital currency is a recognisable aggregation of the electronic data that has the capability of being recognised as a payment and investment method. As its own infrastructure, this financial status will be considered separate from the regulated economic unit of the Russian Federation or a foreign state.
It is worth noting that the digital currency cannot be used for the payment of any goods and services at the same time. The law states that cryptocurrencies, or DFA are digital obligations. According to their bill, these have the capacity to manage the execution of rights under securities and to claim transfer of securities.
You can buy and sell cryptocurrency within unique blockchain information systems. These networks and their operators must conform to all Russian laws and must register and record themselves with the Bank of Russia. The Central Bank will be the governing body for determining the protocol features of digital assets that will be accessed by a limited selection of qualified investors only.
This law will enable regulations for floating digital assets and cryptocurrency trading. The Central Bank has been granted the position to maintain this register of blockchain systems and those operating them. They will moderate the operators and supervise the sector as a whole.