State Duma members are now working on amendments that would allow the use of cryptocurrency as a contractual means of payment. Digital financial assets are treated as assets under Russian law and the changes will legalize crypto payments for contracts between the parties.
State Duma will amend the Civil Code to legalize contractual crypto payments
The Duma, the lower house of Russia’s parliament, is gearing up to overcome the barriers to the use of cryptocurrency in contract payments. The proposals are subject to an ongoing review, but according to Legislative Committee Chairman, Pavel Krashennikov, there is a general consensus on the matter. Speaking at the St. Petersburg Legal Forum, the MP said:
We believe that it is necessary to amend the Civil Code. We are now in the proper approval process but there is an understanding that digital monetary units, as they are called, can be a contractual means of payment.
Krasheninnikov noted that while cryptocurrency is not a legal tender in Russia, the authors of the amendment believe that it can be used for payment within the framework of contractual law. Quoted by the Interfax news agency, he stated that digital currencies would not be treated as securities. “We believe it is property,” the MP said.
Rubles still have to accept legal tender all
Russia regulated cryptocurrency with the law “On digital financial assets and digital currencies”, which came into force from 1 January. The law classifies cryptos such as bitcoin as assets of property and prohibits their use in the payment of goods and services. The ruble remains the only legal tender in the Russian Federation. In February, the State Duma Advanced Another bill confirming the status of their property.
The ruble remains the only legal tender that all entities in the country are obliged to take, but other forms of payment may be accepted by agreement between the parties to the contract. Central Bank of Russia (CBR) Resists any use of cryptocurrency for payment. He is despite the regulatory Accept Three crypto-related projects in its regulatory sandbox last year. The fact that the Bank of Russia is operating on its own Digital ruble Decentralization can also affect its stance on money.
And while Russian companies and residents are not allowed to accept cryptocurrency, an amendment to the Administrative Crimes Code that would introduce legal liability for such violations has not yet been filed. The Ministry of Finance has proposed to impose administrative penalties in the range of 20 – 200,000 rubles ($ 2,700). However, the chairman of the Financial Markets Committee, Anatoly Aksakov, believes that the legal definition of digital currency requires clarification about different types of currencies, including cryptocurrencies, stablocks and digital rubles.
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