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Bill to ban digital assets as payment passed the first reading in the Russian parliament | Trading Cocktail

Bill to ban digital assets as payment passed the first reading in the Russian parliament

Bill to ban digital assets as payment passed the first reading in the Russian parliament

A bill that had been introduced a week ago to the State Duma, the lower chamber of Russian Parliament, made a swift passing through first reading. Should it become a law, it would prohibit using “digital financial actives” (DFA) to pay for goods or services.





As reported by local media on Tuesday, the bill, sponsored by the head of the Financial Markets Committee of the State Duma Anatoly Aksakov, passed with a reservation. Albeit the document suggests an obligation for DFA exchange managers to withhold any deals implicating the usage of tokens as a monetary surrogate, the prohibition could be ceased in cases “prescribed by federal laws.”

Earlier legal professionals have criticized the bill for tightening the regulation of digital rights and tokenized assets. One of the main conceptual problems is that the bill treats the DFAs, known as tokens and not cryptocurrencies, as a payment method while they are generally being used as security tokens. Another lacuna is the term “monetary surrogate” — while the bill intends to prohibit to use DFAs as a monetary surrogate, there is no clear definition of the latter in Russian laws.

More on: Cointelegraph

 

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