Russia’s Parliament, the State Duma, has amended a new law to establish digital rights legislation. The amendment was published on Duma’s official website on 12 March.
The report notes that the concept of “digital rights” (article 141.1 of the Civil Code of the Russian Federation) was adopted in the third and final reading amendment to the Russian Civil Code on March 12.
The State Duma adopted a bill that introduces “digital rights” in the Russian Civil Code in the third and final reading. To facilitate the execution of transactions with digital rights, the bill also amends the norms on the form of transactions, including contracts 👇 pic.twitter.com/f3veNPhPn8
— State Duma (@state_duma) March 12, 2019
Vyacheslav Volodin, the Chairman of the State Duma, quoted in the report –
“The Law forms the basis for the development of the digital economy in the Russian Federation and is aimed at the implementation of the President’s Address to the Federal Assembly.”
As per the report, the law will come into effect on October 1, this year. The draft law amends the rules for civil law in the form of transactions and contracts. The law will facilitate the execution of transactions in accordance with digital rights.
The report further explains that digital rights are intended as special obligations and other rights. The digital rights are defined in line with the rules of the information system that suffices the statutory requirements. The other form of digital transactions is done through the information system without any support from the third party.
Chairman of the State Duma, Vyacheslav Volodin recalled that President Vladimir Putin, while addressing the Federal Assembly, outlined the plan for the development of the digital economy. The Russian President also mentioned the digital economy as a priority and directed to adopt the fundamental laws.
Volodin mentioned in the report that new technologies are being aggressively introduced across the world, but legal security issues still remain unresolved.
Volodin further explained that after the adoption of the civil law, citizens and legal entities of Russia will receive additional assurance, thereby allowing individuals to participate actively in the expansion of the economy.
In January 2019, Russia had planned to introduce its own cryptocurrency – ‘Crypto-Ruble.’ President Vladimir Putin had ordered finance and digital experts to create the digital currency within the next ‘two to three years.’ Recently, Russia also shelved U.S dollar for Bitcoin owing to the US sanctions.