Russia Prepares for Digital and Crypto Asset Revolution, Passes New Digital Rights Legislation
Russia’s parliament has passed a new law designed to develop the country’s digital economy.
The law introduces the concept of digital rights using article 141.1 of the Civil Code of the Russian Federation. It also determines rules for digital transactions.
According to an announcement,
“Digital rights are proposed to mean special ‘obligations and other rights, the content and conditions of which are determined in accordance with the rules of the information system that meets the statutory requirements; the exercise, disposal, including transfer, pledge, encumbrance of a digital right by other means or restriction of disposal thereof is possible only in the information system without recourse to a third party.’ ”
The law was introduced by the Chairman of the State Duma Vyacheslav Volodin, the Deputy Chairman of the State Duma Peter Tolstoy, the Chairman of the Committee on State Building and Legislation Pavel Krasheninnikov, as well as a number of other parliamentarians.
Says Chairman of the State Duma Vyacheslav Volodin,
“[Digital rights law] forms the basis for the development of the digital economy. This is a new area for our rights, because it is important for us to consolidate the basic concepts”
“New technologies are being actively introduced into economic life both in our country and abroad, but legal protection issues remained unresolved. After the adoption of the law, citizens and legal entities will receive additional guarantees, allowing them to participate more actively in the development of the economy of the future.”
Russian president Vladimir Putin set a firm deadline for the country to begin enforcing regulations on cryptocurrencies, starting July 1st.
Russia’s former Minister of Energy, Igor Yusufov is also vocal on new crypto-related laws, announcing an oil-backed cryptocurrency to bypass trade and financial restrictions.