[2016-01-29] Russia's Draft 'Anti-Bitcoin' Law May Be Flawed

[a7mos]

Russia's Draft 'Anti-Bitcoin' Law May Be Flawed

Artem Tolkachev is a managing partner at Tolkachev & Partners law firm. The Moscow-based company specializes in intellectual property and contract development, and represents Internet businesses including those in the field of bitcoin and blockchain technology.

In this article, Tolkachev examines Russia's recently announced draft bill on 'money surrogates' to see to see if a ban for digital currencies is really on the cards.

http://www.coindesk.com/what-russias-latest-draft-legislation-means-for-bitcoin/

[Isuza]

"The definition of the money surrogates is not only very vague, but it also has a broad list of exemptions.

For example, if a digital currency is considered as an official medium of payment in the CIS, the EU and in the UK, then it is not viewed as a money surrogate in Russia. There is always the probability of a precedent that will legalise bitcoin as a medium of payment in the UK.

Bearing in mind recent amendments to the Isle of Man legislation and the October 2105 ruling by the European Court of Justice on bitcoin VAT exemption, the likelihood of bitcoin legalisation in the UK or EU does not seem very futuristic."

Bitcoin is the official currency of Atlantis nation.