To regulate cryptocurrencies they are now regarded as ‘digital rights’ rather than actual cryptocurrencies

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In order to eliminate the risks associated with the unregulated nature of cryptocurrencies Head of State Duma Financial Market Committee, Anatoly Aksakov declared now that the drafts are already being prepared and could be adopted by July 29th, abandoning the currently existing terms “cryptocurrency,” “digital money,” and “digital currency,”. Instead, they will now be called “digital rights”.

 

He stated:

The concepts of “digital money” and “digital currency” will definitely disappear from circulation, they will not appear anywhere in the legislation. […] We will remove the term “crypto-currencies.

The exchange of digital rights is allowed. “We will need to change something in the Tax Code to describe how digital rights will be taken into account for tax purposes,” said Aksakov. “That is, digital assets will be considered not as property, but as a new type of property digital rights.”

Aksakov also declared to take a different approach to tokens issued through Initial Coin Offerings (ICOs) compared to the US:

Token is a digital law, and as it continues to operate it is the prerogative of the Central Bank. First, it is obviously for the ICO procedure to be issued, used as security. […] As for the use of the token as a means of payment, settlement, exchange – this is the next stage, after testing, when the Central Bank examines whether this instrument carries a risk as a means of payment, calculation for the financial system.

 

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