Russian State Duma will adopt bills on cryptocurrency and blockchain until the end of July

July 8, the State Duma of the Russian Federation held parliamentary hearings on the topic "Issues of the development of the digital economy."

During the hearing, the chairman noted :

“It is no coincidence that the topic was brought to the State Duma site. We have plans to consider a large block of laws for the development of the digital economy, not everything goes smoothly. There are bills that we had to consider and adopt yesterday, but they are not yet in the projects. ”

Deputies, officials and experts discussed digital signatures, electronic workbooks, as well as the creation of an effective legal framework for the country's digital development and confirmed that cryptocurrency legislation should appear in Russia before the end of July.

The report of the partner of the law firm Taxology, deputy chairman of the Commission on the Legal Support of the Digital Economy of the Moscow branch of AYUR Mikhail Ouspensky was included in the final resolution. The report included issues of blockchain technology benefits. According to Ouspensky, the technology of a distributed registry can reduce the time from the sale of a ticket by the airline to the receipt of funds from 10 days to 27 seconds.

“Blockchain can be implemented in almost any segment of public services, where documentary registration or confirmation is required ,” the expert explained.

He added that the lack of a legislative base could be a critical obstacle to the introduction of the blockchain. Among the advantages of the technology, the expert called the reliability and robustness of the system against cyber attacks, transparency and audibility, the ability to create self-fulfilling smart contracts and the dramatic acceleration of transactions through “getting rid of intermediaries and delays”. Ouspensky ended his speech by saying that “the blockchain is the new oil of Russia”.

Cryptocurrency legislation should appear in Russia before the end of July. Now the government of the country is deciding what the status of digital money will be – whether they will be equal to foreign currency. In this case, they can be bought, stored and sold, but can not be used as a means of payment.

Publication date 07/09/2019
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