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Russian Federation Passes a Law on Bitcoin, Cryptocurrencies and Smart Contracts

The Lower House of the Russian Federation has voted to enact a law on ‘digital economy’ which will come to effect from October 2019. President Putin had asked the Federation to draft a bill related to digital assets so that they can be regulated in Russia. The Federation recognized the widespread use of Blockchain and cryptocurrency in Russia, and have hence, included it in the Russian Law.

The law is passed to regulate the Bitcoin and cryptocurrency markets in Russia while providing conditions for introduction and transaction of the same. The Russian senate has also envisioned the ‘tax regime’ is a relation to such digital assets.

However, the bill is introduced as a series of norms for the citizens rather than a direction to the executives; regarding the responsibilities of the citizens while using such ‘digital assets.’

Vyacheslav Volodin, Chairman of the Russian State Duma, said the digital rights law “forms the basis for the development of the digital economy. This is a new…

Read Full Story : Coingape

2019-03-16 12:21:06

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