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Author Topic: [2018-05-18]Cryptocurrencies to be Called “Digital Money” in Russia, Tokens  (Read 23 times)
gabbie2010
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May 18, 2018, 02:33:36 AM
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Cryptocurrencies to be Called “Digital Money” in Russia, Tokens – “Digital Rights”

Russia’s Prime Minister Dmitry Medvedev has shed some light on the progress authorities are making towards adopting the long-awaited crypto regulations. Legislators will replace common words like “cryptocurrencies” and “tokens” with legal terms such as “digital money” and “digital rights”, he revealed. Two draft laws have been filed in the Duma. One of the bills is scheduled for first reading next week.

Replacing “Slang” with “Strict Legal Concepts

The work on the Russian crypto regulations has been going on for some time, with unresolved questions and disagreements between institutions postponing their adoption. Two pieces of legislation have been filed in the State Duma, the lower house of Russia’s parliament – a bill defining crypto activities like initial coin offerings and mining, and a draft law amending the Russian civil code to regulate crypto transactions. According to Parlamentskaya Gazeta, the law legalizing token sales has been approved by the Financial Market Committee and will hit the House floor on May 22.

Words like “cryptocurrency” and its derivatives have gained popularity beyond crypto communities, yet authorities around the world tend to avoid them. Russian officials are no exception. According to comments made by Prime Minister Dmitry Medvedev, the new Russian legislation on “digital financial assets” will not use the colloquial terms either, RIA Novosti and RBC reported. In a speech during the plenary session of the St. Petersburg International Legal Forum he said:

Read more: https://news.bitcoin.com/cryptocurrencies-to-be-called-digital-money-in-russia-tokens-digital-rights/



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May 18, 2018, 04:42:02 AM
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I already want to see specific laws, not endless controversial talk about them. Of course, the use of more specific and generally accepted terms will improve the quality of the law on crypto currency. However, I'm already tired of this endless chatter in Russia around the crypto currency.

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May 18, 2018, 12:37:34 PM
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This might be a preparation for their own "state cryptocurrency" project that they were announcing previously, and using terminology like "digital money" should in theory help their coin to blend in with real cryptocurrency, but on practice it will be unlikely to succeed, the language can't be changed because the government simply ordered so.

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