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The State Duma adopted in the first reading the draft law on crypto-currencies

If it is finally accepted, bitkoyn will not be considered money in Russia.

The State Duma adopted in the first reading the draft law “On Digital Financial Assets”. The document establishes “digital financial assets” as an illegal means of payment in the territory of Russia.

The bill also introduces the concepts of “mining”, “crypto-currency”, “token”, “smart contract” and “procedure for releasing tokens”. In the document, crypto currency and tokens are considered property.

According to the bill, the exchange of tokens into rubles or foreign currency can be made only through “exchange operators of digital financial assets”. The Bank of Russia may limit the acquisition of tokens by persons who are not qualified investors. This is done to protect them, the document says.

In addition, mining is recognized as entrepreneurial activity only when the person who implements it within three months in succession exceeds the limits of energy consumption that the government establishes.

The bill was submitted to the State Duma on March 20. It practically does not differ from the document developed by the Ministry of Finance, but it clarifies problematic issues. This is not the first bill on crypto-currencies, which is submitted to the State Duma for consideration, but so far none of them even passed the first reading.

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