The inclusion of cryptocurrency in the Civil Code of the Russian Federation may be completed by the end of the spring session of parliament, said Pavel Krasheninnikov, head of the State Duma committee on state construction and legislation. This was reported by TASS.
They want to inscribe cryptocurrency into the part of the Civil Code that concerns objects. According to Krasheninnikov, cryptocurrency is planned to be added to the Code “so that it automatically applies to inheritance relations, in divorces of spouses, bankruptcy, and so on.”
He noted that although ruble remains the legal tender, contracts may provide for settlements in cryptocurrencies.
“We will remove this paradox when cryptocurrency exists and is not regulated,” Krasheninnikov said.
Some lawyers were surprised by the legislators’ proposal:
“How do the authors of the initiative envision a construction in which settlements in cryptocurrency are prohibited and it is not a means of payment, yet ‘contracts may provide for settlements in digital currency’, with the cryptocurrency recognised as property?”, said ForkLog partner at Digital Right Center Mikhail Tretyak.
In late May, it became known that amendments to the Civil Code could allow the use of cryptocurrencies as a means of contractual payment.
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