fbpx

AIBC

Russia to legalize contractual crypto payments

Posted:May 24, 2021 11:24 Category: Blockchain , Crypto , Europe , Posted by
Stanley Yin

The Duma has made advances towards a law permitting payments in any contractual transactions

DumaThe 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.

PavelWe 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.

 

AIBC Dubai:

Join the AIBC UAE event of the year online! On May 25th and May 26th 2021, the AIBC-AGS Summit brings together key brands and individuals from the converging sectors of AI, Blockchain, IoT and Quantum Tech to discuss and shape the future of emerging tech. JOIN HERE

The livestream will broadcast the global gathering in real time, and let you take part in the many ground-breaking speeches of elite delegates, policymakers and thought leaders of the world. Through its international recognition, the AIBC Summit has become a favorite on the world circuit for emerging tech conferences and expos. The livestream will begin 9:30 each day, and take you through the exclusive event.

Related Posts

Gary Vee to headline AIBC…

The SiGMA Group has announced that serial entrepreneur and investor, Gary Vaynerchuk, is confirmed as a keynote speaker for the…