In Russia in the framework of the development of norms of legal regulation in the field of cryptocurrency and blockchain technology introduced the terminological dictionary. Prepared by the Russian Association for electronic communications (RAEC) the document contains 8 pages and gives the description of such concepts as cryptocurrency, distributed registry, smart contact and token. But, for example, the concept of mining in the list are not included.
According to “Kommersant”, the definition may affect the regulatory approaches, for example, by the security services, and therefore still being worked out by several organizations: the Central Bank, “Business Russia” RAKIB and the government of the Russian Federation.
Cryptocurrency is described in the document “technology-neutral” as the appearance of property:
Cryptocurrency is a generated and recorded through application of information and telecommunication technologies property not nominated in currency of the Russian Federation or of foreign States, which can be used by unspecified persons to make payments and is not thus electronic cash.
Cryptocurrency is not legal tender.
In this definition to the definition of take a page and is “not tied to a specific technology like the blockchain, it can equally work in respect of cryptocurrencies, where there is no Issuer/system operator.., and in respect of cryptocurrency may be present elements of administration”.
A distributed registry data is interpreted according to the “constitutive basis”, implying “an automated procedure for verification of the record by applying pre-defined algorithms”:
The decentralized registry data and information system, including a database of distributed type, which contains information about certain facts and (or) records law to certain property, the confirmation of which is carried by pre-defined algorithms”.
Smart contracts are treated as “optional design, for example, records in a distributed database.”:
A smart contract is an agreement of the parties, existing in the form of program code operating in a distributed data inventory, which provides cloisonnement the terms of this agreement on the occurrence of pre-defined in this circumstances.
Because the smart contract is presented as a software code, the authors of the document stressed that he “can be both the object of intellectual property, and contract.”
Describing the tokens, the experts of RAEC for a start, he looked at Wikipedia, and examining possible options came to this interpretation:
The token is a generated and recorded through application of information and telecommunication technologies are the right requirements for a particular object of civil rights, the exercise or transfer of which is possible only through the entry in a distributed registry of rights.
Unlike the token from the crypto-currencies identified in the “nature of the rights on an appropriate object,” which for cryptocurrency involves “a property right absolute (erga omnes), in the case of token property law requirements of contractual nature (there is a specific the person under obligation)”.
Training terminology the concepts of “digital credit” and “digital mortgage” has caused some difficulties. They were listed in the order of the President of the Russian Federation and therefore could not be ignored by the authors of the dictionary. But, in their opinion, and really do not require special definitions and invested in the traditional description of the financial instruments context.
The main author of the Glossary listed Alexander Saveliev, associate Professor of the HSE appearing on the website of the Association as counsel for IBM. At the moment the document is submitted for consideration to the working group “Communication and it” of the Expert Council under the RF government. In addition, at the meeting “year of Russia” on December 13, will be held face-to-face discussion of the dictionary.
We will remind that in October it became known about the intention of Russia to issue its own cryptocurrency. This was ordered by the President of the country Vladimir Putin. At a meeting in Sochi on the “digitization in the financial, banking and innovative financial instruments”, he said that Russia needs a “regulatory environment” for cryptocurrency.
RAKIB estimates the losses of the Russian Federation in 2017 from a lack of legislation by the ICO in 18 billion rubles. Director, center of financial technologies “SKOLKOVO” Foundation Pavel Novikov also said that Russia did not receive any financial gain from $300 million in the last two years have brought Russian start-UPS as a result of the ICO.