Russian President Vladimir Putin has signed a invoice into legislation prohibiting digital monetary property as funds greater than a month after it was launched to the nation’s decrease chamber of Parliament.
In a Thursday replace, the Russian State Duma noted that Putin signed a invoice suspending sure components of an current federal legislation “on banks and banking actions,” successfully making it unlawful for folks to make use of cryptocurrencies to pay for items and companies. The preliminary draft of the invoice from June 7 specified the “prohibition in opposition to the introduction of different financial models or financial surrogates on the territory of the Russian Federation.”
The Duma chair authorized the draft invoice on June 8, and following revisions and different issues, the higher chamber of Parliament, the Federation Council, authorized the laws on July 8. Underneath the Structure of the Russian Federation, all payments have to be authorized by each chambers earlier than being signed into legislation by the president.
Cointelegraph reported in June that the invoice launched the concept of an “electronic platform” — a monetary platform, funding platform or data system wherein digital monetary property are issued. Underneath the just lately handed legislation, these platforms will seemingly be required to submit transactions and actions to the Russian central financial institution’s registry as a part of the nationwide funds system.
Russia’s Parliament is at the moment contemplating two different payments associated to digital property. One will doubtlessly regulate crypto miners’ activities within the nation, requiring them to observe a sure process to register as sole proprietors or self-employed. One other, named “on digital forex,” proposed requirements for firms dealing with digital asset transactions, together with licensing and disclosure about dangers and information privateness.