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Cryptocurrency to be invested, not used as payment instrument says Russia’s State Duma

Christian Fernsby ▼ | July 24, 2020
This Wednesday, the State Duma adopted in the third and final reading a bill on digital financial assets and digital currency.
Russia’s State Duma
State Duma   Russia’s State Duma
The bill adopted by the State Duma is defining cryptocurrency as a set of e-data in an information system, which is not a unit of Russian currency and with respect to which there is no a liable party.

Topics: Russia

Cryptocurrency may be used as an investment and savings instrument, but not as a payment for goods and services, the document reads.

Legal protection is to be provided only to the persons, who declared their cryptocurrency assets with the fiscal agencies, according to the bill.

The law can come into effect since January 1, 2021.