Reforming the Civil Code a pending task in Russia that will pave the way for cryptocurrencies

Hello dear readers, in this opportunity I will be sharing an interesting topic about the real possibilities that Russia has of being able to legalize cross-border cryptocurrency trading as of 2023, but first it will have to reform its Civil Code.

According to Ivan Chebeskov current director of the Financial Stability Department of the Ministry of Finance, in the Civil Code of Russia there is no definition of cryptocurrencies. If digital assets become a circulating item, it should be provided for in our laws.

So, currently the Russian government authorities are discussing possible legislative initiatives to regulate and make massive use of digital assets, in this sense, to be able to make cross-border payments in cryptocurrencies must first be legally recognized as a property.

Another legal aspect that is being discussed in Russia is the taxation of cryptocurrencies, if we take into consideration that the Russian government is already considering the regularization of the cryptocurrency market.

Some intellectuals in Russia consider cryptocurrencies to be property, such is the case of Moscow Digital School professor Dmitry Kirillov, who recently stated that President Vladimir Putin's government should ease restrictions on the circulation of cryptocurrencies.

In the words of Professor Kirillov, cryptocurrencies can be included in the Russian Civil Code as common or separate property, without equating it with already existing property.

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