Russia has revamped the rules of the cryptocurrency game within its borders.
The law also states that digital financial assets “are digital rights comprising money claims” and that owners and issuers have the ability to exercise rights under negotiable securities, rights to participate in equity of a non-public stock company and right to claim transfer of negotiable securities.” These assets can be sold, purchased, exchanged, and pledged. But they cannot be used as a means of payment just like a share in a company is only of any real value when it is sold for cash.
According to the report, the stablecoin could be used for settlements involving other digital financial assets.“The new law establishes the basis of digital assets and is a positive event for a blockchain community in ,” says Nick Ovchinnik, 1inch exchange’s chief business development officer. “The timing of this event could not be better due to the rapid development of decentralized finance and other blockchain-based industries.
That the law is a positive step forward seems to be consensus among the crypto community in, and around, Russia.
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