Russians into cryptocurrency, Prime Minister neglects crypto slangs
Duma, a Russian State has finally given the approval of the first reading of the most awaited legislation package that regulates cryptocurrency related topics. Under a few conditions the legalization of cryptocurrency, their exchange and circulation have been granted by the Russian Federation.
In a speech during the plenary session of the St. Petersburg International Legal Forum, Prime Minister Dmitry Medvedev, said:
“We need to consolidate the basic provisions and translate them into the language of the law. Therefore, instead of common slang expressions such as “cryptocurrencies” and “tokens”, lawmakers are developing the more strict legal concepts of “digital money” and “digital rights”.”
The bill regulates three things: Crypto Assets, Crowdfunding, and Digital Rights. The new legislation incorporates legal concepts like “digital right” and “smart contract” and defines cryptocurrencies and tokens as property, not as legal tender. Any other amendments may be introduced in the next couple of weeks.
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