A draft bill seeking to create the foundation for a national cryptocurrency “Cryptoruble” in Russia has been submitted to the State Duma, the lower house of parliament, ETHNews reported.

Introduced for consideration by State Duma deputy from the Communist Party Rizvan Kurbanov on January 25, the proposed bill defines cryptoruble as:

“A digital financial asset (cryptocurrency) – an analog of the ruble, which has circulation in the territory of the Russian Federation, which is protected by cryptographic methods and used by participants in a distributed registry of digital transactions. This digital financial asset is a legal means of payment, [and will be] widely used and accepted as a means of payment in [the] Russian Federation. Payments in the territory of the Russian Federation are [to be] made by cash and non-cash payments."

Furthermore, Kurbanov has also proposed another bill that seeks to regulate the mining of cryptoruble. It expects cryptoruble to be “a way of settlements under the contracts of state companies, state corporations, large financial Structures, etc. That is, ‘cryptoruble' will be aimed at optimizing the system of settlements between the subjects of business turnover and financial institutions.”

“The draft federal law 'On the system of distributed national mining’ regulates the possibility of levying tax deductions for the creation of digital financial assets prior to the commencement of their commercial use,” it states (loosely translated).