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Instead of tokens and cryptocurrencies the Russians will have “digital rights”

Today, March 5, the Russian parliament will consider in second reading a bill that introduces the concept of “digital rights” in the legal field, instead of such concepts as “token”, “cryptocurrency” or “digital money”.

The document submitted by State Duma deputies led by Speaker of the House Vyacheslav Volodin, adopted in the first reading on May 22, 2018. The bill implies the introduction of amendments to the first, second and fourth parts of the Civil Code.

“Instead of the terms“ token ”,“ digital money ”and“ cryptocurrency ”, the concept of“ digital right ”is introduced into legislation. By this is meant an aggregate of electronic data certifying the rights to such objects of civil rights as property, work results, provision of services and exclusive rights. The essence of the new legal definition is close to the concept of a security, ”notes the Parliamentary Newspaper, the official publication of the Federal Assembly of the Russian Federation.

The draft law amends articles on the use of smart contracts – transactions that are a condition for the automatic execution of a civil law contract, for example, sale or contract. According to one of the authors of the initiative, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, the bill will become the general legal basis necessary for the adoption of other documents regulating the digital economy. The document will simplify the work of companies operating in the field of cryptocurrency, and adjust the mechanisms of their cooperation with partners.


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