Digital novelties

Mar, 05 2019

Draft law «on digital rights» was prepared for the second reading in Russian Parliament. It provides the Civil Code with following main innovations.

Sphere of “self-executable” contracts – “smart contracts” will be regulated. Smart contracts are not independent contracts, they are only a condition on automatic execution of any contract, e.g. when client instructs bank to write off utility services payments as an "auto payment". In this regard, the Civil Code is added with the rule, that under certain circumstances the contract may be performed by its parties through the use of information technologies.

The concept of «digital law» is also introduced. It means that owner’s rights for material objects of civil rights (things, results of works, services) can be certified by a digital code (as a rule, by a password) or other electronic data.

It’s worth noting that the draft law doesn’t provide the concept of "digital money". It means that cryptocurrency is still not formalized in Russian legislation.