Russian Draft Bill Defines Cryptocurrency As Assets, Not Legal Tender

SPUTNIKNEWS – March 20, 2018: A draft Russian bill on cryptocurrency and digital tokens sees them as assets, but not legal tender, so they cannot be used to pay for goods and services in Russia, according to the information on the law introduced into the parliament.

The draft law defines a new type of contract, a smart contract, based on the same blockchain technology that underpins cryptocurrencies.

The difference between a digital token and a cryptocurrency is defined based on the number of producers: one person for a digital token and several persons (miners) for cryptocurrencies.

The draft law allows to exchange digital tokens or cryptocurrency for rubles or foreign currency only through special operators, including brokers and special platforms.

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