Cryptocurrencies and digital rights: new regulation phase
Russian exporters and importers will be allowed to use cryptocurrencies in cross-border settlements under foreign trade agreements, but only within the experimental legal regime (ELR). The relevant draft law was adopted by the State Duma in the second and third reading.
By law, the ELR programme will be approved by the Bank of Russia in agreement with interested institutions. It is assumed that the ELR will provide for a special procedure for settlements in cryptocurrencies, and the number of participants and its duration will be limited.
Furthermore, the State Duma adopted the law that permits using foreign digital rights in Russia and Russian ones — abroad. Among other things, this will expand the mechanisms for using digital rights in foreign trade settlements.
The law also establishes the procedure and conditions for cryptocurrency mining and introduces the basic terms and definitions related thereto.