Russia issues digital currency bills to redefine the use of digital currency

Russia is also making the due progress in the digital currency world. Just recently, Russia has approved three legislations that are focused on regulating the digital currencies. The drafts of the first two legislations were introduced by a deputy group on 20th March 2018. The third legislation focuses on the amendment of the country’s civil code and it was submitted on 26th March 2016.

The legislations discuss the concept of smart contracts and digital rights. Another important thing to mention here is that the legislations have discussed digital currencies and tokens as properties. The texts of the legislations also give a hint that digital currency mining needs to be legalised soon.

Taxation laws for the miners have also been discussed in the Parliament. The bill regarding the Digital Financial Assets focuses on regulating the digital currencies. It also focuses on transparent issuance and storage of digital currencies. The draft of the bill also lays the foundation for conducting the digital currency transactions.

The draft of the bill also discusses the obligations that need to be followed while conducting the digital currency transactions. The bill highlights the fact that the details of the digital currency transactions need to be maintained in digital transactions register.

Russia has also clearly stated that the digital currency is not a legal tender. The authors of the bill have clearly mentioned that digital currency can have multiple issuers. On the contrary, the tokens can have one issuer. Both the digital currency and tokens can be exchanged with foreign currencies.

The bill also mentioned that the digital currencies can be used as a mode of payment provided they follow the course of action that has been defined by the law. The digital currency bill emphasizes that the sale and the purchase of cryptocurrency should be performed through the exchanges only.

The legislations have also given a detail account of the actions that need to be followed when issuing tokens. All the participants of the initial coin offering will need to give out detailed information about the venture. This step is necessary to maintain the element of transparency in the projects.

The legislation also requires the miners to register as legal entities or entrepreneurs with the federal tax service. If things go as set by the legislation, then one thing can be said for sure and that is digital currency is bound to prosper in Russia as well.