Russia introduces first cryptocurrency bill

posted 12 months ago
The first bill on the regulation of decentralized virtual property - cryptocurrencies and tokens - was sent to the State Duma (Russia), which is the lower house, a part of the legislative assembly.

Its developers - "Robot Law", the company "Voronkov Ventures" and Heads Consulting - offered to create a state-owned crypto exchange, making its main currency the cryptorubl.

While regulators in Russia perceive cryptocurrencies to be skeptical, market participants call the prepared document "populist."

On November 29, the draft law on the regulation of decentralized virtual property developed by Robot Law, Voronkov Ventures and Heads Consulting was sent to the head of the State Duma Financial Market Committee.

The project describes the principles of the turnover of the cryptocurrency and tokens, determines the legal status of its participants, and the mechanism for the initial public placement of tokens (ICO).

Its authors propose to give the state the right to create a crypto exchange - the main currency on it will be a cryptor (cryptorubl), which can be exchanged for ordinary rubles.

Similar transactions, such as the exchange of cryptocurrency and tokens for foreign currency, will be taxed, as well as the mining of cryptocurrency.
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