The Russian parliament is about to pass a bill on virtual currencies, which is considered assets, so tourists and local people will not be able to pay for goods and services using virtual currencies in Russia.
The draft law defines the legal framework for mining and transactions based on the technology of lichen, and introduces terms such as "digital financial asset" as electronic securities issued using cryptographic methods. The legal ownership of these assets is verified through the digital transaction log.
The draft law, drafted by the Russian Ministry of Finance, distinguishes between the digital code and the virtual currency based on the number of producers. The digital code has one person producing it, while the virtual currency has several people who are mining.
It also regulates all forms of exchange, as it allows the conversion of digital symbols and virtual currencies into paper currencies through the exchange of licensed digital assets and exchange platforms with a license.
According to the draft, virtual currencies are not considered an authorized payment method in Russia, which means they are not money. The head of the Russian Central Bank, Elvira Nbiolina, has described the Pitcuen in a currency similar to money.
Kickico's chief executive, Ante Danilevsky, said the purpose of these laws is to determine the scope and rules of conduct for virtual currencies rather than ban them, which is good news for Russia.
"For us as a company, it is important to act legally, because laws allow real-estate projects to launch virtual currency launches in Russia rather than other countries," Danilski said.
The regulation of virtual currency launches will determine the investment of unapproved individuals, and individuals who are not registered as accredited investors can invest up to 50,000 rubles ($ 900) at most.
"The bill must pass through Parliament, and it will undoubtedly be amended, but there is at least a rule and form for the law now. The Russian authorities want to control the virtual currency transactions in the market," said Olga Sorokina, a partner at KeyICO Consulting. Securities by requiring companies to obtain licenses. "
Russia has been stepping up laws because of rising fraud in the world of encryption. Russia's first crime in connection with the currency launch was by Banana coin, which embezzled nearly $ 3 million.