October 26, 2020

The new law will allow Russian security officials to confiscate cryptocurrency

The new law will allow Russian security officials to confiscate cryptocurrency

The Russian government plans to prepare bills allowing law enforcement agencies to confiscate Bitcoins (BTC).

According to RBC, the Russian Interior Ministry will work with various government agencies to draft a document that may come into force in 2021.

The publication quotes Nikita Kulikov, head of the specialized committee of the Russian parliament:

Due to the fact that criminals are increasingly usingdigital assets for illegal operations, and also due to the lack of adequate consumer protection in this market, the government should develop mechanisms for regulating and controlling virtual assets.

Among the options being considered is the creation of a government cryptocurrency wallet for transferring confiscated funds.

Recall that the Russian government nevercame to a common point of view regarding the legalization of cryptocurrency in the country. According to the order of Dmitry Medvedev, the law on cryptocurrencies should be adopted in the country by November 1, 2019, however, the government has not yet submitted a document on the regulation of digital currencies.

According to the materials cointelegraph.com