TECH

Cryptocurrencies: In Russia you can only mine and trade

The Russian State Duma adopted the law on digital financial assets, digital currency and amendments to certain legislative acts of the Russian Federation on July 22nd in its third final reading. It took parliamentarians more than two years to discuss and finalize the bill with the involvement of experts, representatives of the Central Bank of the Russian Federation, FSB and relevant ministries.
This law defines the concepts of "digital currency" and "digital financial assets" (DFA). According to the law, digital currency is “a set of electronic data (code or digital designation) contained in an information system, which are offered and (or) can be accepted as a means of payment that is not a Federation currency Russian, a currency of a foreign state and (or) a currency or international account and (or) as an investment and for which there is no person obliged to each owner of this electronic data ”.
It is important to note that the law prohibits Russian residents from accepting digital currency in payment for the supply of goods, works and services. It is also prohibited to disclose information about the sale or purchase of digital currency as payment for goods, works and services. At the same time, digital currency in Russia can be bought, extracted (clause 2 of article 14), sold and other transactions with it.
The main difference between CFA and digital currencies is that, in relation to CFA, there is always an obliged person, CFA is a digital right, including monetary claims, the possibility to exercise rights over equity securities, the right to participate in capital non-public JSC, as well as the right to demand the transfer of equity securities, provided for in the decision to issue the CFA.
The new law will take effect on January 1, 2021.

AVnews