Report : Russia to Introduce Rules for Confiscating Crypto

The country’s prosecutor general said crypto is increasingly used for bribes.

Russia is preparing legislation to allow law enforcement agencies to confiscate illegally obtained cryptocurrencies, Prosecutor General Igor Krasnov said, according to TASS.

Speaking at a conference in Saint Petersburg, Krasnov said cryptocurrency use by criminals is a serious issue for law enforcement. The country passed its first law regulating the digital assets last year. Now, the criminal and penal codes are being updated to allow law enforcement to “apply restrictive measures and confiscation to the virtual assets,” he said.

According to Krasnov, crypto is increasingly used for bribery, making it even harder to trace than it is with fiat money.

Russia and China Moving Their CBDC Projects Forward

Central bank digital currency (CBDC) initiatives around the world are ramping up. The Bank of Russia has reportedly named 12 banks to develop a prototype of the digital ruble by December. Meanwhile, the CBDC trials have reached Beijing’s subways as passengers can now use the digital yuan to pay their fares. “The Hash” hosts discuss the increasing prevalence of CBDCs and the way ahead for the global financial system.

Earlier, a representative of Russia’s financial surveillance body, Rosfinmonitoring, said the agency was planning to trace bitcoin cash-outs and add a new classification code for suspicious transactions involving crypto.

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Cryptocurrencies were introduced into the Russian legal system last year and deemed a taxable property. Russian public officials have been banned from owning crypto starting this year.

Recently, bitcoin has been getting traction as a fundraising tool among Russia’s civil and political activists, as well as independent journalists.


By Anna Baydakova, Jule 7, 2021, published on coindesk

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