The pace of cryptocurrency adoption across the world has been fast-tracked lately with hundreds of lawmakers now vocally advocating for it. Russia has been witnessing a similar trend as well, and now, certain lawmakers are seeking to allow the partial use of cryptocurrencies in the field of payments.
According to a report by Interfax, the chairman of the Russian Duma’s Committee on State Building and Legislation, Pavel Krasheninnikov, has announced the government’s decision to amend the civil law to allow cryptocurrencies for payments as a “contractual medium.”
Krasheninnikov 说，
“我们认为有必要对《民法典》进行修改，现在我们正在制定适当的批准程序，但据了解，到目前为止，他们已经这样称呼–数字货币单位当然是，不是合法的付款方式，但这种付款方式很有可能，可以是合同规定的，作为合同规定的付款方式。”
For a long time, Russia has kept cryptocurrencies at bay. In fact, the use of cryptocurrencies was banned by the country earlier in 2021. However, now the developers of the amendments to the Civil Code believe that digital assets can be used within its framework of contractual law and be of a contractual nature.
Over the classification of crypto as security or a property, Krasheninnikov said,
“We believe that this is property.”
While Russia does allow the partial use of cryptocurrencies, its central bank digital currency is expected to take important steps soon. In fact, according to 报告, the head of the Russian Central Bank, Elvira Nabiullina, has stated that the trial for digital ruble will begin in 2022. With China’s digital currency already in the testing phase, Russia is also picking up the pace in its efforts to launch its CBDC quickly.
