Russian Lawmakers Move to Allow Crypto Payments Under Contracts

A Russian lawmaker has introduced a new bill that would allow cryptocurrency payments to be made in payment for goods and services provided under contracts of employment. The bill, introduced by Anatoly Aksakov of the Russian State Duma, would establish the legality of using cryptocurrency payments in any transactions where they are required under contract and would allow the use of cryptocurrencies for paying wages to employees and contractor.

A bill drafted by members of Russia’s parliament, the State Duma, could allow citizens to pay for goods and services with cryptocurrency. In a statement to, the head of the working group on cryptocurrencies and blockchain technology in the State Duma, Anatoly Aksakov, explained that the new bill defines cryptocurrency as property, and therefore would not require any changes to current Russian law. Article by  Julie Verhage at

Russian legislators have introduced a bill that would allow for the use of cryptocurrency in business transactions, amending both the Civil Code and the Tax Code. The bill, first published on a government website, is currently in committee until September 28th. If passed, the bill will take effect on January 1st, 2020.. Read more about russian cryptocurrency name and let us know what you think.

Duma deputies are currently working on amendments that would allow the use of cryptocurrencies as contractual payments. Under Russian law, digital financial assets are considered property, and the changes would legalize cryptocurrencies between counterparties.

State Duma wants to amend civil code to legalize contractual payments in cryptocurrency

The lower house of the Russian parliament, the Duma, plans to remove barriers to using cryptocurrencies to pay for contracts. The proposals are still pending, but according to the chairman of the Legal Affairs Committee, Pavel Krasheninnikov, a consensus has been reached on the issue. Speaking at the St Petersburg Legal Forum, the lawmaker said: We believe that the Civil Code should be amended. We are going through the applicable approval process, but there is agreement that digital currencies, as they are called, can be a contractual means of payment. Krasheninnikov noted that although cryptocurrency is not legal tender in Russia, the drafters of the amendments believe that it can be used for payments under contract law. Quoted by the Interfax news agency, he added that digital currencies would not be treated as securities. We think it’s property, said the legislature.

The rouble is still legal tender and should be accepted by all

In Russia, cryptocurrencies are regulated by the Law on Digital Financial Assets and Digital Currencies, which came into force on January 1. January. The legislation classifies cryptocurrencies, such as. B. Bitcoin, as property and prohibits its use for payment of goods and services. The ruble remains the only legal currency in the Russian Federation. In February, the Duma submitted another bill to confirm their ownership status. Russian Lawmakers Move to Allow Crypto Payments Under Contracts The ruble remains the only legal tender and is accepted by all entities in the country, but other forms of payment may be accepted by agreement between the parties. The Central Bank of Russia (CBR) rejects any use of cryptocurrencies for payments. This is despite the fact that the regulator approved three cryptocurrency projects in its regulatory sandbox last year. The fact that the Bank of Russia is working on its own digital ruble may have also influenced its stance on decentralized currencies. And while Russian companies and residents are not allowed to accept cryptocurrencies, no amendments have yet been made to the Code of Administrative Offences that would introduce civil liability for such violations. The Ministry of Finance has proposed a fine of 20,000 to 200,000 rubles ($2,700). However, Anatoly Aksakov, Chairman of the Financial Markets Committee, believes that the legal definition of digital currency should be clarified for the whole variety of currencies, including cryptocurrencies, Stabelcoins and the digital ruble. Do you think Russia will allow the use of cryptocurrencies as a contractual payment? Let us know your comments in the section below.

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Contract, contractual, crypto, cryptocurrency, MPs, digital currency, digital ruble, State Duma, financial assets, lawmakers, legal tender, parliament, payments, Russia, Russia, State Duma Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.As reported by local media outlet RNS, Russian lawmakers have proposed legislation to allow crypto payments to be made as part of contractual agreements between parties. The initiative was put forward by Russia’s Ministry of Finance and is now being considered by the Duma, the country’s legislative body. Content: Though the legislation is likely to pass, the bill is still likely to stir controversy since it would provide crypto payments with the same legal standing as fiat currency payments, which would seem to imply that the Russian government recognizes cryptocurrencies as legal tender. However, finance minister Anton Siluanov has already denied that this is the case.. Read more about federal reserve bitcoin regulation and let us know what you think.

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