State Duma ready to consider breakthrough digital bills

Credit: Ekaterina Lyzlova | RIAN

The Russian Government and lawmakers are ready to pass three digital bills that have been under discussion for quite a long time, according to Anatoly Aksakov, Head of the Committee on Financial Markets of the State Duma (the lower house of the Russian parliament), who spoke at the Moscow Digital Forum.

The bills constitute amendments to the Civil Code, the Law on Digital Financial Assets and the Law on Investment Platforms. Anatoly Aksakov noted that the amendments to the Civil Code concern only two issues, including digital rights and smart contracts. The parliament member reported that, according to the schedule for consideration of bills that was approved by the government and submitted for approval to the Executive Office, the second reading of the three bills may take place as soon as late March. Additionally, in March the State Duma will also review the bill on marketplaces that will allow Russians to receive many services remotely, including Pension Fund services.

Also in March, the parliament will read a bill on electronic document management. Anatoly Aksakov thinks it will be a breakthrough bill and a significant progress in replacing paper documents with electronic copies. There is also a Sberbank project to replace signatures of government officials with electronic signatures that was approved by the Central Bank in the ‘regulatory sandbox.’

The Central Bank is currently testing some 20 projects in its ‘regulatory sandbox.’ Additionally, Aksakov noted that a special bill is in development on regulatory sandboxes that will allow companies to experiment with projects outside the framework of the existing law.

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