Russia to legalize contractual crypto payments
The Duma has made advances towards a law permitting payments in any contractual transactions
The State Duma, the lower house of Russia’s parliament, is currently preparing a legislation that will enable crypto payments in a contractual setting. According to officials, there is wide-spread consensus that crypto is a viable payment method for transactions among parties to a contract. Formerly, blockchain based currencies were regarded as property, instead of a financial asset. While the proposed law grants cryptos this status, it will not consider them financial securities.
Russia’s step to elevate the status of crypto is in strong contrast to China’s ambitions to ban all decentralized digital currencies, replacing them with CBDC, while other countries like the UAE have embraced crypto as well. This marks a schism between the stances of pro- and anti-crypto countries. It must be noted however, that the law will not alter the status of the Rubel as the legal tender everyone is obliged to accept.
According to bitcoin.com, the chairman of the Committee on Legislation, Pavel Krasheninnikov, stated the following, demonstrating consensual support of the State Duma, with remaining hesitation to elevate decentralized digital money to the same level as fiat.
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.
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