{"id":1358,"date":"2021-12-10T14:53:59","date_gmt":"2021-12-10T14:53:59","guid":{"rendered":"http:\/\/egrowonline.com\/?p=1358"},"modified":"2021-12-10T14:53:59","modified_gmt":"2021-12-10T14:53:59","slug":"prosecutor-generals-office-wants-to-see-cryptocurrency-in-russian-law-regulation-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=1358","title":{"rendered":"Prosecutor General\u2019s Office Wants to See \u2018Cryptocurrency\u2019 in Russian Law \u2013 Regulation Bitcoin News"},"content":{"rendered":"


\n<\/p>\n

\n
\n<\/header>\n
\n\"Prosecutor\n<\/div>\n

The Prosecutor General\u2019s Office of the Russian Federation has insisted that the term \u201ccryptocurrency\u201d should be added to the country\u2019s legislation. The move would allow authorities in Moscow to confiscate digital assets that have been involved in criminal activities. <\/strong><\/p>\n

Russian Prosecutor General\u2019s Office Prepares Amendments Allowing Seizure of Cryptocurrency<\/h2>\n

With cryptocurrencies being only partially regulated through the law \u201cOn Digital Financial Assets,\u201d work is underway in Russia to adopt legislation introducing comprehensive rules for the turnover of bitcoin and the like. The Russian Prosecutor General\u2019s Office<\/a> has joined these efforts as it wants the term \u201ccryptocurrency\u201d added to the legal texts.<\/p>\n

\u201cWe have developed amendments to a number of regulatory legal acts so that cryptocurrencies in illegal circulation are not only recognized as \u0430 subject of a crime, but there\u2019s also a legal possibility of their arrest and confiscation<\/a>,\u201d Russia\u2019s Prosecutor General\u2019s Igor Krasnov said in an interview with RIA Novosti news agency.<\/p>\n

Russian lawmakers are mulling over other legislative changes to establish a proper legal framework for cryptocurrencies. A number of activities related to digital coins remain outside the scope of the current law, including taxation, mining, and payments, for example.<\/p>\n

Calls have been mounting among officials in Moscow to recognize cryptocurrency mining as an entrepreneurial activity and tax it accordingly. At the same time, the Central Bank of Russia (CBR) remains opposed<\/a> to the legalization of digital currencies as a means of payment. The regulator claims these represent \u201cmoney surrogates<\/a>\u201d that are banned in Russia.<\/p>\n

The monetary authority is currently developing a digital version of the national fiat, insisting that\u2019s exactly what the Russians need<\/a>. The digital ruble<\/a> will provide \u0430 low cost and reliable payment solution that also protects personal data, the head of the CBR, Elvira Nabiullina, promised in November. Bank of Russia is planning to commence trials for the CBDC<\/a> in January 2022.<\/p>\n

Last month, the Russian Prosecutor General\u2019s Office also proposed<\/a> recognizing cryptocurrency and other virtual assets as property in the country\u2019s Criminal Code. Igor Krasnov explained in the State Duma, the lower house of parliament, that the legal definition will be used in court proceedings.<\/p>\n

Krasnov also revealed that his department has already drafted a bill that would regulate the matter and expressed hope that lawmakers would support it. Digital currencies such as bitcoin have been recognized as property under several other Russian acts like the laws on bankruptcy and enforcement proceedings, the anti-money laundering legislation, and the country\u2019s anti-corruption law.<\/p>\n

\n
\nTags in this story
\n<\/h6>\n
amendments<\/a>, Arrest<\/a>, bill<\/a>, Bitcoin<\/a>, CBDC<\/a>, CBDCs<\/a>, Changes<\/a>, confiscation<\/a>, Criminal Code<\/a>, Crypto<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Definition<\/a>, Digital Currencies<\/a>, Digital Currency<\/a>, digital ruble<\/a>, draft<\/a>, Law<\/a>, Laws<\/a>, Legislation<\/a>, prosecutor<\/a>, Prosecutor General<\/a>, Prosecutor General\u2019s Office<\/a>, Prosecutor’s<\/a>, prosecutor’s office<\/a>, Regulation<\/a>, Regulations<\/a>, Russia<\/a>, russian<\/a>, Seizure<\/a>, term<\/a><\/div>\n<\/div>\n

Do you expect Russia to add the term \u201ccryptocurrency\u201d to its legislation? Share your thoughts on the subject in the comments section below. <\/em><\/strong><\/p>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

\n