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Russian Authorities Adopt Amendments To Bill On Digital Transactions

17:48 06/03/2019
Russian State Duma Approves Draft Law On Smart Contracts

During the second reading, the State Duma of the Russian Federation approved amendments to the draft law, in which the concept of digital rights was introduced, but that of cryptocurrency disappeared, Tass reports.

 

The revision of the draft law “On Amendments to the Civil Code of the Russian Federation” was initiated by Pavel Krasheninnikov, the Chairman of the Construction and Legislation Committee, and Vyacheslav Volodin, a member of the lower house. Presumably, the changes will become valid from October 1, 2019.

 

The authors proposed to introduce Article 141.1 of the Civil Code of the Russian Federation “On Digital Rights”, which recognizes the legitimacy of distance transactions. The amendments also cover smart contracts and define the legal limits for their use. These operations can occur automatically through data processing systems, the draft says. The deputies understand smart contracts not as an independent operation, but as a provision on the mandatory implementation of a contract in civil law.

 

At the same time, the document does not address the concept of cryptocurrency due to the fact that, according to its authors, the favorable moment has not yet come for the widespread popularization and use of digital assets by the citizens. However, Krasheninnikov noted that with the development of the technology industry, the situation may change. 

 

Experts have responded positively to these changes and noticed that they introduced persuasiveness into the draft and made it more flawless. 

 

As previously reported, the President of the Russian Federation Vladimir Putin instructed the ministries to approve the law on the cryptocurrency sphere regulation before July 1, 2019.

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