Russia Has a New Terminology for Cryptocurrency, Calls it ‘Digital Rights’

Dmitry Medvedev, Prime Minister of Russia has clarified crypto-regulating movements that took place. Instead of using words like cryptocurrency and tokens, lawmakers are working on legal terms which are: digital money and digital rights as expressions.

This means that any other terms that exist, including views of  “digital currency” will be lifted entirely from its legislation. Aksakov also added that the main term by which everyone knows the digital currencies, i.e. “cryptocurrencies”, will be removed.

Despite the new way of classifying digital currencies, the country will allow trading, but instead of considering them as assets, they will be merely rights.

Head of State Duma Financial Market Committee, Anatoly Aksakov, confirmed that the drafts are already being prepared and could be adopted by July 29^th. He stated:

“The concepts of “digital money” and “digital currency” will definitely disappear from circulation, they will not appear anywhere in the legislation. […] We will remove the term “crypto-currencies.”

Medvedev also highlighted that the Ruble will be the only legal means of payment in the country, however agreed that deals with digital currency are going to be present. To develop a basis for taxation, lower abuse and deviate transfers to uncontrolled spaces, the authorities drafted the regulations.

“Prohibitions in the digital environment do not work because one can immediately find ways to circumvent them. It is quite difficult to enforce a ban,”

“Attempts to regulate everything in the digital world be absolutely counterproductive and unrealistic. It is changing very quickly and we need to have flexible legislation that sets some basic terms without interfering with the development of the digital space. Finding this balance is probably the most difficult task,”

Trying to regulate everything will not be productive and regulators need to take flexible steps and not hinder its development.

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