Markets news | The State Duma adopted the bill in the second reading, which will allow transactions with the CFA from 21 years

The State Duma adopted in the second reading a bill that will allow transactions with digitalfinancial assets (FAs), but will prohibit cryptocurrencies as a means of payment in Russia.

The third reading is scheduled for July 22nd.

Digital rights are understood as digital rights, the issue, recording and circulation of which are possible only by making entries in an information system based on a distributed registry.

DFAs can be the subject of collateral, purchase and sale transactions, exchange of one type of DFA for another (including those issued according to the rules of foreign information systems) or for digital rights of other types.

CFA are not and are not recognized as a means of payment.

Russian banks and exchanges will be able to become DFA exchange operators with the right to conduct purchase and sale transactions and exchange of such assets and, for this, they must be included in a special register of the Central Bank.

The Bank of Russia will have the right to determine the signs of CFA, which only qualified investors can acquire, as well as, within a certain amount, unqualified individual investors.

Digital currency is a collection of electronic data(digital code or designation) contained in the information system, which are offered and (or) can be accepted as a means of payment, but are not a monetary unit of the Russian Federation, a foreign state or an international monetary unit.

The civil circulation of the cryptocurrency will be limited.

Cryptocurrency can be a means of payment and as a means of savings, as an investment, but this means of payment is prohibited to be used to pay for goods and services in Russia.

Russian individuals and legal entities will be able to challenge transactions with digital currency in court only if they have declared these transactions and the very possession of the cryptocurrency in Russia.

Officials and a number of other persons who are now not entitled to have accounts (deposits) abroad, the project also prohibits having digital currency and digital currency issued in foreign information systems.

In the second reading, a number of concepts were excluded from the draft, including “token” and “mining”.

More detailed regulation of digital currencies is planned to be determined in another law, which may be adopted in the autumn session.

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