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Russian State of Duma prolongs bill on Digital Financial Assets


The Russian State of Duma has delayed considering the bill on digital financial assets to April 2019. The news came through a local media outlet, TASS. Per the report, the decision was made in the morning voting on the agenda of the plenary session. 

Vyacheslav Volodin, the Chairman of the State Duma and coauthor of the draft bill, that adopted amendments will fix the difficulties in lieu with digital rights. 

The second draft excludes the definition of a token, cryptocurrency, and smart contract. On the other hand, it defines financial assets, 

"Represented by digital rights, including liabilities and other rights, monetary claims, and the possibility of exercising rights in regards to equity securities and rights to require the transfer of equity securities.”

Last December, Pavel Krasheninnikov, the head of the council and chairman of the State Duma committee said that bill was pushed to the first reading stage as it needed dramatic improvements. 

Recently, Russia’s parliament voted to enact new digital rights legislation in October of this year. Purportedly, the law establishes the concept of “digital rights” in Russian legislation. It determines how digital rights can be exercised and transferred. In addition to establishing rules for digital transactions, including contracts.

Keen on Blockchain Adoption

On 6th March, CoinMarketFeed reported, United Russia, the ruling party of the Russian Federation has recently launched a blockchain-based platform for electronic voting. The federation has allegedly launched an upgraded website with the added function of e-voting.

Furthermore, only citizens who have completed the authorization process on the portal can participate and vote. The e-voting system has been built to improvise on election transparency and eliminate intermediaries in the electoral process. 

The primaries hold deep-rooted significance in eyes of United Russia for nominating party candidates, at all levels for general elections. However, the decisions made in the primaries do not serve as a necessary binding. 
As a matter of fact, the number of candidates who didn’t participate in primaries ran in the general elections for the state of Duma.

Last month, the city council of Moscow, submitted a bill to implement distributed ledger technology for an electronic voting system. The Moscow City Duma, a local parliament of the Russian capital, has laid a plan to protect results of electronic voting in the electoral process through the use of blockchain technology.

On December 18th, Russia conducted a regional election via the blockchain-based electronic polling system. More than 40, 000 participants in Saratov recorded their votes. The voting system named Polys has been developed by Kaspersky Lab in 2017.