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The Russian government will allocate 522 billion rubles for partial implementation of the digital economy

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The Russian government approved the action plans in four areas of the state program “Digital economy”, involving, in particular, of the sphere of cryptocurrencies and primary offerings of coins (ICO). For their implementation, the authorities intend to allocate about 522 billion.

According to the published document in the period until June 2018, the Ministry of Finance of Russia together with the Central Bank of the Russian Federation shall develop a procedure for the regulation of cryptocurrencies and holding of ICO, and to determine the status of such concepts as “technology of distributed registries”, “digital credit”, “digital mortgage”, “cryptocurrency”, “token” and “smart contract”.

In addition, the Ministry was tasked to establish requirements to the procedure of hashing includes the registration of miners and definition of taxation in this area.

Meanwhile, the document in plain text indicates that a cryptocurrency will not be recognized on the territory of Russia legal tender. The document also provides for the regulation the ICO by analogy with the regulation of primary distributions of securities.

Appropriate changes will be made to the Civil code of the Russian Federation Tax code, Federal laws “On the Central Bank of the Russian Federation”, “On banks and banking activity”, “About national payment system”, “On accounting”, “On combating the legalization of income obtained by criminal means and financing of terrorism” and other regulatory legal acts.

The total expenditure in the direction of “regulation” is 284 million rubles.

Note that the state programme “Digital economy” so far has eight directions, but until February 15, the government should be provided suggestions about the inclusion of new items.

We will remind, in December 2017 was over public discussion of government program “Digital economy” in areas of “regulation” and “Information infrastructure”.

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