Economic relations are developing faster than regulatory regulation. While the MPs are discussing the digital currency law, banks are issuing loans secured by blockchain tokens. The first deal was reported to journalists by the Russian Bar Association. Dmitry Lipin, secretary of the commission on new technologies, gave the information to the press last autumn.
The agreement was concluded taking into account changes in civil legislation in the field of digital assets. The loan was issued by a domestic bank to an entrepreneur. The names of the participants were not disclosed. Lawyers are positive about the precedent. Working with a new type of property will help bring promising financial products to the market and generate additional interest from foreign investors. The participants took the first step towards the practical application of legal novels.
The issue of regulating transactions with digital assets is not officially resolved in the legislation. Since January 2021, a special regulation has been introduced. However, the procedure for application is stated only in theory and is not finally approved. The turnover participants are only to receive step-by-step instructions, interpretations and explanations.
The tokens accepted by the bank as collateral for the loan represent a financial instrument. This is encoded information that has real value. An asset can be expressed in the form of digital obligations, means of settlement in a virtual game. For society, a token is a progressive financial solution.
The transaction was accompanied by Alexander Zhuravlev. The human rights activist voiced expectations from the new law. From 2021, the turnover of tokens will be clearly regulated. Russia will officially prohibit the use of such funds in payments. Assets can be legally donated, stored, sold, pledged. It is on this dispositive norm that the loan agreement is based. A loan issued by a bank demonstrates one of the ways to manage digital currency. The guarantee was not framed by a classic bond agreement. However, the deal allows the creditor to claim the asset in the event of default by the debtor.