The new Russian bill is designed to equalize the rights of smartcontracts and conventional contracts

The Skolkovo Legal Working Group developed a bill on theelectronic form of the transaction. It is designed to regulate therelations of the parties using smart contracts. This was reportedin her telegram channel by the head of the interdepartmentalgroup on the assessment of the risks of the turnover of crypto-currency in the Russian Federation - Elina Sidorenko.

The bill suggests that regulation of transactions made byelectronic means of data transmission and electronic signatureswill be conducted within the framework of the Civil Code of theRussian Federation. This means that such contracts are equatedto transactions in writing, and can also be interchangeable.

The document states that the obligations of the parties withinthe framework of the transaction can be executed automatically, on the basis of a previously agreed algorithm, without theirdirect participation.

Also, according to the bill, contracts for the sale and donation ofreal estate, rental of buildings can be concluded in electronicform, provided they are certified by an electronic signature ofthe notary. The use of an electronic signature when drafting awill is not allowed.

According to the authors of the document, the new bill will allowthe Russian Federation to adapt to the "ever-expanding digitalenvironment".

Recall, in May, the State Duma in the first reading approved thedraft law "On Digital Financial Assets."