Russian Duma passes ‘Digital Rights’ law, billed as basis of country’s digital economy. Cryptocurrency bill to be adopted by end of month.

Russia has passed a ‘Digital Rights’ law, that is being billed as legislation that will form the basis of the country’s digital economy.

According to an official statement released on 12^th March, the Duma passed the changes to Russia’s laws on their third reading on Tuesday. They are said to firmly establish the concept of digital rights within Russian law, detailed in the new article 141.1, of the Civil Code of the Russian Federation.

Though the new article still leaves certain ambiguities, especially regarding the legal nature of cryptocurrencies and mining, and things like the inheritance of digital assets, the news legislation does set out a fairly comprehensive foundation for the digital economy.

The new legislation considers ‘digital rights’ to mean:

“obligations and other rights, the content and conditions of which are determined in accordance with the rules of the information system that meets the statutory requirements; the exercise, disposal, including transfer, pledge, encumbrance of a digital right by other means or restriction of disposal thereof is possible only in the information system without recourse to a third party. ”

Explaining the new laws Chairman of the State Duma, Vyacheslav Volodin, said:

“New technologies are being actively introduced into economic life both in our country and abroad, but legal protection issues remained unresolved. After the adoption of the law, citizens and legal entities will receive additional guarantees, allowing them to participate more actively in the development of the economy of the future,”

A cryptocurrency bill, which has been subject to several delays, has now passed the Duma and is also expected to be adopted by the end of March, in line with Vladimir Putin’s desire to have such regulation in place by July.

AYO.NEWS says:

With countries around the world racing to catch up with digital trailblazers like Malta, Switzerland, Singapore, Estonia and Liechtenstein, its perhaps surprising that its taken Russia this long to enshrine digital rights in law – especially when its close buddy Belarus has made so much progress already. Russia’s move further highlights the ridiculous position some major nations, notably China and India, who are still openly hostile to many elements of the digital economy, especially cryptocurrencies.