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Historic decision. The State Duma in the first reading approved the draft law on cryptocurrencies 

Neironix
May 23, 2018 12:00 AM
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Historic decision. The State Duma in the first reading approved the draft law on cryptocurrencies 

The draft law contains definitions of all the basic terms related to the cryptocurrency world, including cryptocurrency, mining and token.

The head of the Committee on the financial market Anatoly Aksakov is sure that now the market participants will have legal protection in the form of the adopted law.

Smart contract is an agreement reached in electronic form and executed through digital financial technologies, according to the text of the document.

In addition, the future law distinguishes between cryptocurrency and token: the first can have any number of miners (issuers), and the latter has a single Issuer. However, both instruments do not yet become legal tender in Russia (remaining property).

Specialized operators are allowed to exchange tokens for rubles or other currency. In particular, this can be done through the Moscow exchange.

Mining of bitcoins and other cryptocurrencies will be equated to business provided that the government limits of energy consumption are exceeded for 3 months.

Finally, participation in the ICO will be limited for unqualified investors. The Central Bank will have to set a limit on the amount of investment in the initial placement of coins for such market participants.

The draft law was developed on the proposal of Vladimir Putin, who made the appropriate initiative in October last year. Before yesterday's vote in the state Duma the law passed through several improvements. Its previous versions have been subjected to considerable criticism from authoritative experts in the field - including experts of RAKIB.