Russia’s new bill on cryptocurrency will establish its role in courts

Russia’s new bill on cryptocurrency will establish its role in courts
July 23
11:45 2020

The Russian government did not seem to have a clear policy regarding cryptocurrency, but the draft bill concerning digital and crypto assets has recently seen changes. Previously, the law stated that any cryptocurrency business using Russia-based infrastructures was illegal. This, however, seems to be changing, according to CoinDesk.

The new draft bill suggests that cryptocurrency is property, but it cannot be used for payments. As a result, in the event of a lawsuit involving digital assets, the ownership can only be considered if the owner reports the assets to the tax agency. This can help establish a clear definition of cryptocurrency and its judgement in court cases.

According to the new draft bill, digital assets are sets of data that one could use for investments or payments. It is also a currency without a central institution responsible for its regulation, except for the network nodes and operators.

Since the bill is still in draft, it seems that more information will follow in the fall. However, it has already passed the second hearing, and it is the most important step of the process in Russia. The lawmaking process in the country requires any draft to pass three hearings. However, the second one finalizes the text of the document.

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