The State Duma of the Russian Federation approved the draft article of the Civil Code on tokens
06.03.19
The draft law “On Amendments to the Civil Code of the Russian Federation” has been amended. Now the article “Digital rights”, which establishes the basic concepts of “digital law” - the legal equivalent of the term “token” - also recognizes transactions concluded remotely as valid. Including by filling out an electronic form or by sending SMS. The package of bills will come into force on October 1, 2019.

Revision of the second reading introduces certainty in the use of smart contracts. According to the document, such transactions can be carried out "automatically using the information system."

“We understand the smart contract not as a separate transaction, but as a condition for the automatic execution of any civil law contract. At present, such terms of contracts are common in the banking sector, ”said the head of the committee.

At the same time, the deputies deliberately did not include the concept of cryptocurrency in the bill.

"Now their introduction into civilian circulation is premature, but taking into account technical progress over time this may become possible," concluded the State Duma.