The state Duma supports bill to regulate the cryptocurrency market

The state Duma Committee on state construction intends to support the first reading of the initiative, enshrining the Civil code of the Russian Federation the basic norms in the field of digital economy, presented the bill and Vyacheslav Volodin Pavel Krasheninnikov.

The authors believe that this will help to regulate and develop the market of new objects of economic relations tokens and cryptocurrencies. According to them, the cryptocurrency is «promising» that you want to include in the legal field.

According to the head of Committee on state building, Pavel Krasheninnikov, the bill does not legalize digital money, but will create a legal base for circulation of digital rights, as well as conducting and execution of transactions with them.

«We eliminate the risks of using digital objects in order to assets in the unregulated digital environment – for example, for the legalization of income obtained by criminal means, or for withdrawal from the foreclosure in bankruptcy, or for financing of terrorism,» said Krasheninnikov.

«The lack of regulation of cryptocurrency market participants make transactions with them, as well as third parties – for example, creditors and heirs unprotected from the legal side,» reads the explanatory note to the bill.

Under the bill, the cryptocurrency will be used as means of payment «in controlled amounts,» on the conditions established by a separate law, developed with the participation of the Central Bank, Ministry of Finance and economic development.

To facilitate the signing of the «smart contracts» the bill equates digital confirmation of the authenticated user to his written consent, then the deal is automatically considered to be perfect and can be challenged only in the case of third-party intervention in the action of a computer program. The bill also legalizes the process of collecting and processing a considerable mass of aggregate (big data).

At the plenary session a draft law regulating the treatment of cryptocurrency, it is planned to consider next week.

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