A draft law on “digital financial assets” has been submitted to the Russian State Duma, TASS reported.
The bill provides for only one type of transactions that owners of such assets can commit: exchange of tokens for rubles or foreign currency.
According to Sputnik, the bill on cryptocurrencies and digital tokens sees them as assets, not legal tender, so they cannot be used to pay for goods and services in Russia.
The draft defines a new type of contract, a smart contract, based on the same blockchain technology that underpins cryptocurrencies.
The draft law provides a definition for such terms as "digital signature" and "digital transaction," outlines the legal framework for various new activities, including mining as well as validation of digital transactions through blockchain.
It further outlines the legal framework for the Initial Token Offering procedure, which allows cryptocurrency startups to fund their projects by selling off portions of the future product.