- The Prosecutor General’s Office of the Russian Federation wants to introduce into the legislation the concept of ” cryptocurrency ” in order to simplify its enforcement
- On November 30, Russian President Vladimir Putin said that the risks of cryptocurrencies are very high due to their high volatility.
- On September 7, presidential press secretary Dmitry Peskov noted that Russia is not ready for the recognition of the bitcoin cryptocurrency , since there is no reason for this.
The Prosecutor General’s Office of the Russian Federation wants to introduce into the legislation the concept of ” cryptocurrency ” in order to simplify its enforcement, the Prosecutor General of the Russian Federation Igor Krasnov.
He explained that judicial practice in criminal cases follows the path of recognizing cryptocurrency as property, that is, the subject of a bribe, but this will not help form a unified and sustainable law enforcement of this term regarding cryptocurrency in Russia.
“I believe that this (the formation of a clear application in judicial practice. – Ed.) Should be facilitated by the introduction of the concept of cryptocurrencies and other virtual assets into the criminal legal space by fixing the relevant norms in the legislation,” the Attorney General said.
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The Prosecutor General’s Office of Russia has proposed changes to a number of regulatory legal acts that will make it possible to recognize the turnover of cryptocurrency as a subject of a crime that can be arrested and confiscated, Krasnov said in an interview.
Earlier, on December 3, it was reported that the provision of services related to crypto-assets by financial organizations does not meet the interests of investors and carries great risks .
On November 30, Russian President Vladimir Putin said that the risks of cryptocurrencies are very high due to their high volatility.
On September 7, presidential press secretary Dmitry Peskov noted that Russia is not ready for the recognition of the bitcoin cryptocurrency , since there is no reason for this. According to him, equating this cryptocurrency with money can only harm the financial and economic systems.
In July 2020, Putin signed into law a law regulating digital financial assets (DFA) and cryptocurrencies. According to the document, from 2021, the country is allowed to conduct transactions with CFA, cryptocurrencies can be pledged, purchase and sale transactions, exchange of one type of CFA for another. It is prohibited to use them as a means of payment.
About Cryptocurrency
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
KEY TAKEAWAYS
- A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.
- The word “cryptocurrency” is derived from the encryption techniques which are used to secure the network.
- Blockchains, which are organizational methods for ensuring the integrity of transactional data, are an essential component of many cryptocurrencies.
- Many experts believe that blockchain and related technology will disrupt many industries, including finance and law.
- Cryptocurrencies face criticism for a number of reasons, including their use for illegal activities, exchange rate volatility, and vulnerabilities of the infrastructure underlying them. However, they also have been praised for their portability, divisibility, inflation resistance, and transparency.
Source : Investopedia
