Crypto-ruble can soon become reality

Russian ICO
Russian ICO

The Russian State Duma parliamentarian Rizvan Kurbanov proposed to regulate the status of digital financial assets, the crypto-rouble in particular, and operations with them. Thus, the crypto-ruble is supposed to be understood as a digital financial asset (cryptocurrency) – an analogue of the fiat rouble currently circulating in the country, protected by cryptographic methods and used by members of the distributed register of digital transactions. At the same time, it is planned to clarify that the crypto-ruble is a legal means of payment that is widely used and accepted as a means of payment in the country. For this purpose it is proposed to amend section 1 of article 140 of the Civil Code of Russian Federation.

Cryptocurrency mining is proposed to be considered a business activity aimed at maintaining a distributed register of digital transactions and generation of new blocks of cryptorubles with the ability to receive compensation in the form of new units (coins) and/or commissions, and a miner is considered a person engaged in such activities. At the same time, users-natural persons, individual entrepreneurs and legal entities, providing part of their computing power on a contractual basis for the organization of activities to maintain a distributed register of digital transactions and generate new units of cryptocurrency, according to the bill, will be obliged to register in a distributed register of digital transactions. Moreover, it is planned that such registration will be carried out using a single system of identification and authentication used to access state information systems.

President of the Russian Federation instructed to introduce taxation of cryptocurrency “mining” until 1st of July this year.

It is expected that in case of adoption of the appropriate law, the innovations will take effect in 30 days from the date of its official publication.

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