Russia Enacts New Cryptocurrency Defining laws

Russia has decided to enact the “digital rights act” which will establish the concepts of laws passed earlier this year about smart contracts and virtual coins, according to Russian news outlet Regnum.

The laws were originally announced in March. These laws provide the basis for the legality of smart contracts and cryptocurrency. This was a huge and necessary step because the legal system in Russia doesn’t use precedent like the United States system, if its not in the civil code it doesn’t have and protection

This bill shows digital rights as more of securities or set of contractual rights that the holder of these virtual coins is exactly entitled to. The laws will fall under the responsibility of civil law. These digital coins will be seen as assets within Russian civil legislation from now on.

The law treats the automatic execution features of smart contracts the same as the automatic payment systems that banks use.

The newly enforced act is also stepping up safety measures. The act recquires a information system that can identify digital rights, owner, participants of a transaction and be able to reproduce the terms of the agreement.

Related Articles