2021-5-25 21:42 |
The members of the lower house of Russia’s parliament, Duma, are working amending on crypto laws in the country. These amendments seek to allow the use of cryptocurrencies in settling contracts. While the chairman of the Committee on Legislation, Pavel Krasheninnikov says there is an agreement in place, these suggestions are still subject to an ongoing review.
Reportedly, these changes will not change Russia’s classification of crypto as property. As such, the coins will not be considered legal tender or securities despite their use between parties of a contract.
Sharing the motivation behind working on these amendments, Krasheninnikov said,
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.
Russia is yet to clarify its legal definition of cryptoDespite the bullish performance of the crypto sector in the months leading to the market’s crash two weeks ago, Russia has remained firm in its decision to prohibit the use of cryptocurrencies as legal tender. While a new crypto law implemented at the start of the year allows Russians to mine, trade cryptocurrencies for other cryptocurrencies on exchanges, and own cryptocurrencies without any legal issues, they cannot purchase any goods or services in the country.
The chairman of the Financial Committee had previously suggested an administrative fine that ranges from 20 rubles (£0.19) to 200,000 rubles (£1,922.76) for offenders. However, amendments to the Administrative Offenses Code, which would hold Russian liable for using crypto for payment have not been filed yet. Per the chairman of the Financial Market Committee, Anatoly Aksakov, Russia has to clarify the legal definition of cryptocurrencies before such changes are implemented.
Although Russia does not permit the use of cryptocurrencies as legal tender, the Central Bank of Russia (CBR) is planning to launch a digital ruble. Reportedly, the launch is slated for as early as 2023, and the digital ruble will supplement cash and non-cash rubles. Through the digital ruble, CBR hopes to enable payments for individuals and businesses, while making the ruble an international currency despite Western sanctions.
The post Russian lawmakers to allow the use of crypto in contractual payments appeared first on Invezz.
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