Russian Lawmakers Move to Allow Crypto Payments Under Contracts

Russian Lawmakers Move to Allow Crypto Payments Under Contracts
фото показано с : news.bitcoin.com

2021-5-24 09:00

Members of the State Duma are now working on amendments that will permit the use of cryptocurrency as a contractual means of payment. Digital financial assets are regarded as property under Russian law and the changes will legalize crypto payments between parties to a contract.

State Duma to Amend Civil Code to Legalize Contractual Crypto Payments

The lower house of Russia’s parliament, the Duma, is gearing up to remove barriers to using cryptocurrencies in contract payments. The proposals are subject to an ongoing review but according to the chairman of the Committee on Legislation, Pavel Krasheninnikov, there is consensus on the matter. Speaking at the St. Petersburg Legal Forum, the lawmaker stated:

We believe that it is necessary to make amendments to the Civil Code. Now we are in the appropriate approval procedure but there is an understanding that digital monetary units, as they have been called, can be a contractual means of payment.

Krasheninnikov noted that while cryptocurrency is not a legal tender in Russia, the authors of the amendments believe that it can be used for payments within the framework of contractual law. Quoted by Interfax news agency, he added that digital currencies will not be treated as securities. “We believe that this is property,” the lawmaker said.

if (!window.GrowJs) { (function () { var s = document.createElement('script'); s.async = true; s.type = 'text/javascript'; s.src = 'https://bitcoinads.growadvertising.com/adserve/app'; var n = document.getElementsByTagName("script")[0]; n.parentNode.insertBefore(s, n); }()); } var GrowJs = GrowJs || {}; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push({ node: document.currentScript.parentElement, handler: function (node) { var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); } });

Ruble Still the Legal Tender Everyone Must Accept

Russia regulated cryptocurrencies with the Law “On Digital Financial Assets and Digital Currencies,” which went into force on Jan. 1. The legislation classifies cryptos such as bitcoin as property items and prohibits their use in payments for goods and services. The ruble remains the only legal tender in the Russian Federation. In February, the State Duma advanced another bill confirming their property status.

The ruble remains the only legal tender all entities in the country are obliged to take but other forms of payment can be accepted by agreement between parties to a contract. The Central Bank of Russia (CBR) opposes any use of cryptocurrencies for payments. That’s despite the regulator admitting three crypto-related projects to its regulatory sandbox last year. The fact that the Bank of Russia is working on its own digital ruble may have also influenced its stance on decentralized money.

And while Russian companies and residents are not allowed to accept cryptocurrency, amendments to the Administrative Offenses Code that would introduce legal liability for such violations have not been filed yet. Тhe Finance Ministry has proposed an administrative fine in the range of 20 – 200,000 rubles ($2,700). However, the chairman of the Financial Market Committee, Anatoly Aksakov, believes the legal definition of digital currency needs clarification regarding the whole variety of currencies, including cryptocurrencies, stablecoins, and the digital ruble.

Do you think Russia will allow the use of cryptocurrencies as a contractual means of payment? Let us know in the comments section below.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Russian Miner Coin (RMC) на Currencies.ru

$ 675.38 (+0.00%)
Объем 24H $0
Изменеия 24h: -3.31 %, 7d: 8.80 %
Cегодня L: $675.2 - H: $675.38
Капитализация $1.018m Rank 99999
Доступно / Всего 1.507k RMC

russian payments under crypto digital assets financial

russian payments → Результатов: 35


Bank of Russia Is Studying Pros & Cons of a Digital Ruble; May Start Developing CBDC In 2021

According to Izvestia, a Russian finance news site, the Ministry of Finance and Bank of Russia investigate other nations’ efforts in releasing a central bank digital currency (CBDC). The post, published on Monday, highlights some of Russia's advantages of launching its own digital ruble, including reducing the cost of transactions, more opportunities for cross-border payments, […] The post Bank of Russia Is Studying Pros & Cons of a Digital Ruble; May Start Developing CBDC In 2021 first appeared on BitcoinExchangeGuide.

2020-10-21 20:41


Putin Approves Cryptocurrency Bill, Stopping Russians From Using Bitcoin for Payments

On Friday, Vladimir Putin, Russia’s president, signed one of the two digital assets bills into law, Russian media outlet RIA reports. The new law was passed by Russia’s parliament, Duma, last week and states that firms can provide virtual securities on blockchain platforms provided they are well registered with the country’s central bank, Bank of […]

2020-7-31 22:04


Russia’s Largest Social Media Network and Facebook Equivalent, VKontakte, Plans Own Cryptocurrency

After Facebook was reported to be working on introducing its cryptocurrency, it seems like an equivalent social platform in Russia, VKontakte (VK) could as well be in line to launch its crypto soon. “Russian Facebook” Dreams Big Cryptocurrency and blockchain are slowly but steadily getting into various aspects of conventional as well as digital payments. […]

2019-3-30 02:26


Russian Official: BRICS Countries Continue Unified Payments Systems Developing, No Plans for Bitcoin in Near Future

Last week, the news that Russia is considering investing huge amount of money into Bitcoin as a means to invade US sanctions spread like fire. Given the fact that Russia has been working on de-dollarization plans for a long time now while looking for an alternative reserve currency further put force behind this news. This […]

2019-1-17 20:25


Фото:

Russia’s Biggest Payments System Qiwi to Open Crypto-Investment Bank

QBT, a daughter company of Russia’s largest electronic payments system Qiwi, announced it will launch the country’s first ever cryptocurrency investment bank.   Russia’s First Cryptocurrency Investment Bank The new company — which will operate under the brand-name HASH — will be registered in Russia, reports Russian news outlet Kommersant.

2018-6-30 05:00