Russian prime minister, Mikhail Mishustin proposes to recognize digital financial assets as property

Russian prime minister, Mikhail Mishustin proposes to recognize digital financial assets as property

In addition to pandemic measures, the Russian government discussed today the status of cryptocurrencies.


26 Nov 2020 , 19:28 @ Katie Müller

Russian prime minister, Mikhail Mishustin proposes to recognize digital financial assets as property

In addition to pandemic measures, the Russian government discussed today the status of cryptocurrencies.
Moscow

Today, every power is already aware that the Covid-19 pandemic has brought major changes to the financial system. Just look at the important negotiations or the recent G20 meeting where the Chinese president himself urged country leaders to develop the digital currencies of central banks.

Only a few days have passed since the G20 meeting, and today we are witnessing another meeting of the government, this time the Russian Federation, which was primarily focused mainly on supporting the regions in the fight against Covid-19, but cryptocurrencies were also mentioned.

The current prime minister, Mikhail Mishustin, has expressed interest in digital financial assets, saying:

Let’s make a number of changes to the Tax Code so digital financial assets can be recognized as property, and their owners will be able to count on legal protection in the event of any illegal actions, as well as to defend their property rights in court.

This statement is particularly important for Russian cryptocurrency holders, because if the prime minister wants to design and use the same framework for cryptocurrencies as for property, it can refute and change the new law on digital financial assets altogether, which will enter into force on January 1, 2021. 

Recall the wording of the new law which states that digital currencies are “a set of electronic data that can be accepted as a means of payment that is not a monetary unit of the Russian Federation or a foreign state, as well as as an investment. Such a tool cannot be used to pay for goods or services.“

Read also: The Chinese president is urging G20 officials to discuss and develop the digital currencies of central banks

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