A new bill requires candidates to run in Russia to announce their spending on digitalization The assets have hit the floor of the State Duma. According to the draft, if the total number exceeds a certain number, Russian politicians will be required to disclose the details of each encrypted transaction conducted by them and their families.

Candidates provide detailed information about their cryptocurrency transactions

The Russian State Duma, the lower house of parliament, passed a draft law on first reading that would incorporate the purchase of cryptocurrency into Russia’s electoral legislation. Candidates running for government positions must disclose the amount they have invested in acquiring digital financial assets, a term that covers digital currencies.

New bill recommends Russia's campaign candidates to make cryptocurrency investments public

Business news agency Prime reported that the bill was proposed by the government, and necessary changes were made to the bill after the “Digital Financial Assets and Digital Currency Act” was passed. It will force election candidates to share information about their encryption-related expenses, including the expenses of their spouses and children.

The rule applies when the sum of these investments exceeds the total income earned by the candidate and his family in the past three years. At the same time, Russian politicians must also provide detailed information to reveal the source or sources of funds used to fund such transactions.

A bill to update the law for the election of the President of Russia and the Duma deputies

The new legislation amended two important federal bills-“Law on the election of the President of the Russian Federation” and “Law on the election of the State representative of the Duma”.

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These changes also involve laws that define the basic right to vote for citizens of the Russian Federation, including the right to participate in a referendum and many other legislative acts. The updated regulations will take effect in the first election to be held after the bill is passed.

In December, Russian President Vladimir Putin (Vladimir Putin) signed an order to force government officials to disclose their cryptocurrency holdings. According to the document, employees of the state administration are now expected to submit detailed information about where to buy digital assets and report their value by the end of June this year.

What is your opinion on the proposed amendment, which obliges Russian election candidates to disclose detailed information about their cryptocurrency investments? Share your thoughts in the comments section below.

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