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Russian Crypto Law Taking Shape

Russian Crypto Law Taking Shape 101
Source: iStock/Mordolff

A Russian politician says the country’s forthcoming “crypto law” is already being considered as legally binding by the country’s courts.

Alexey Mostovshchikov, chairman of the Council on Economics and Entrepreneurship of the Youth Parliament under the State Duma, said, per Russia’s Parliamentary Gazette, “Even though the law has not yet been passed, its conditions are already being taken into account by Russian courts.”

The statement comes just days after a landmark ruling from an appeals court in the country ruled that there was “no choice other than to accept crypto-assets as legally recognized property.” The court said it had made its decision based on draft crypto legislation currently being debated by the Duma.

Another politician, meanwhile, says the legislation should be adapted to allow the country’s Far East to maximize its full mining potential.

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The media outlet also quotes Oksana Bondar, the deputy chair of the State Duma Committee for Regional Policy in the North and Far East, as saying, “We should consider allowing Russia’s regions to better use their potential to develop blockchain technology. For example, the Far East can offer cheap electricity, while other regions can make use of their special tax status.”

Meanwhile, a cooperative network of Russian organic food stores says it has developed the country’s first “crypto-card” – in addition to the nation’s first “legally approved” crypto-to-ruble exchange tool. Per media outlet Umstrana, the card will allow customers to make online purchases “from vendors around the world.”

A farmers' cooperative, named LavkaLavka, has developed its solution in conjunction with TalkBank, a company that provides banking services through the Telegram chat app. LavkaLavka claims its card allows customers to make purchases in Russian rubles, as well as its own BioCoin cryptocurrency.

Developers say that the card was developed with legal experts, and comprises Russia’s “first legal ruble-crypto exchange” tool.

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