• About
  • Advertise
  • Privacy & Policy
  • Contact
Cryptos Valuator
  • Home
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Exchanges
No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Exchanges
No Result
View All Result
Cryptos Valuator
No Result
View All Result
Home News

Russia Has a New Terminology for Cryptocurrency, Calls it ‘Digital Rights’

July 2, 2021
in News
0
Russia Has a New Terminology for Cryptocurrency, Calls it ‘Digital Rights’
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

 

Dmitry Medvedev, Prime Minister of Russia has clarified crypto-regulating movements that took place. Instead of using words like cryptocurrency and tokens, lawmakers are working on legal terms which are: digital money and digital rights as expressions.

This means that any other terms that exist, including views of  “digital currency” will be lifted entirely from its legislation. Aksakov also added that the main term by which everyone knows the digital currencies, i.e. “cryptocurrencies”, will be removed.

Despite the new way of classifying digital currencies, the country will allow trading, but instead of considering them as assets, they will be merely rights.

Head of State Duma Financial Market Committee, Anatoly Aksakov, confirmed that the drafts are already being prepared and could be adopted by July 29th. 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.”

Medvedev also highlighted that the Ruble will be the only legal means of payment in the country, however agreed that deals with digital currency are going to be present. To develop a basis for taxation, lower abuse and deviate transfers to uncontrolled spaces, the authorities drafted the regulations.

“Prohibitions in the digital environment do not work because one can immediately find ways to circumvent them. It is quite difficult to enforce a ban,”

“Attempts to regulate everything in the digital world be absolutely counterproductive and unrealistic. It is changing very quickly and we need to have flexible legislation that sets some basic terms without interfering with the development of the digital space. Finding this balance is probably the most difficult task,”

Trying to regulate everything will not be productive and regulators need to take flexible steps and not hinder its development.

Also Read: Us publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.

Previous Post

German Govt: Cryptocurrencies Don’t Threaten Country’s Financial Stability

Next Post

3 Reasons Why Ethereum Might Be Better Than Bitcoin, According To Brian Kelly

Next Post
3 Reasons Why Ethereum Might Be Better Than Bitcoin, According To Brian Kelly

3 Reasons Why Ethereum Might Be Better Than Bitcoin, According To Brian Kelly

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 123 Followers
  • 23.8k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
Venezuela Considers Proposal to Include Bitcoin in Central Bank Reserves

Venezuela Considers Proposal to Include Bitcoin in Central Bank Reserves

June 23, 2021
Newegg Expands Bitcoin Payment Option To 73 More Countries

Newegg Expands Bitcoin Payment Option To 73 More Countries

July 4, 2021
World of Ether Goes Live on Ethereum Mainnet, Soon Becoming Top Ranked Crypto Game

Black Friday Drags Crypto Market Down, Bitcoin & Ethereum Price Plunges

August 4, 2021
World of Ether Goes Live on Ethereum Mainnet, Soon Becoming Top Ranked Crypto Game

Enterprise Ethereum Alliance Opens Regional Office In South Korea

August 6, 2021
UPbit Audit Reveals That South Korea’s Cryptocurrency Exchange is Not Guilty

UPbit Audit Reveals That South Korea’s Cryptocurrency Exchange is Not Guilty

Goldman Sach’s Cryptocurrency Startup Circle Raises $110 Million Led By Bitmain Technologies

Goldman Sach’s Cryptocurrency Startup Circle Raises $110 Million Led By Bitmain Technologies

NASDAQ-Powered Crypto Exchange To Go Live in June 2018

NASDAQ-Powered Crypto Exchange To Go Live in June 2018

Why is ZCash Price Rising ? | Latest Crypto News

Why is ZCash Price Rising ? | Latest Crypto News

Binance Shifts Voyager, FTX Tokens to Innovation Zone Amid Bankruptcy

Binance Shifts Voyager, FTX Tokens to Innovation Zone Amid Bankruptcy

June 9, 2023
PayPal Sees Record-High Crypto Deposits, Reaching $943M

PayPal Sees Record-High Crypto Deposits, Reaching $943M

June 7, 2023
Bitcoin Might Be Accepted as Payment Option for Government Services in Liechtenstein – PM

Bitcoin Might Be Accepted as Payment Option for Government Services in Liechtenstein – PM

June 5, 2023
MicroStrategy Turns Profitable in Q1 after Betting Big on Bitcoin

MicroStrategy Turns Profitable in Q1 after Betting Big on Bitcoin

June 2, 2023

Recent News

Binance Shifts Voyager, FTX Tokens to Innovation Zone Amid Bankruptcy

Binance Shifts Voyager, FTX Tokens to Innovation Zone Amid Bankruptcy

June 9, 2023
PayPal Sees Record-High Crypto Deposits, Reaching $943M

PayPal Sees Record-High Crypto Deposits, Reaching $943M

June 7, 2023
Bitcoin Might Be Accepted as Payment Option for Government Services in Liechtenstein – PM

Bitcoin Might Be Accepted as Payment Option for Government Services in Liechtenstein – PM

June 5, 2023
MicroStrategy Turns Profitable in Q1 after Betting Big on Bitcoin

MicroStrategy Turns Profitable in Q1 after Betting Big on Bitcoin

June 2, 2023
Cryptos Valuator

Follow Us

Browse by Category

  • Altcoin News
  • Bitcoin
  • Bitcoin News
  • Blockchain
  • Blockchain News
  • Business
  • Coins
  • Cryptocurrency
  • Cryptonews Deals
  • DeFi News
  • Economy
  • Ethereum
  • Ethereum News
  • Events
  • Exchanges
  • General
  • ICOs
  • Industry Talk
  • Markets
  • News
  • NFT News
  • Opinion
  • Press Releases
  • Regulation
  • special site
  • Sponsored
  • World

Recent News

Binance Shifts Voyager, FTX Tokens to Innovation Zone Amid Bankruptcy

Binance Shifts Voyager, FTX Tokens to Innovation Zone Amid Bankruptcy

June 9, 2023
PayPal Sees Record-High Crypto Deposits, Reaching $943M

PayPal Sees Record-High Crypto Deposits, Reaching $943M

June 7, 2023
  • Terms & Conditions
  • Privacy Policy

© 2021 Cryptos Valuato

No Result
View All Result
  • Home
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Exchanges

© 2021 Cryptos Valuato