Prosecutor General’s Office Wants to See ‘Cryptocurrency’ in Russian Law
The Prosecutor General’s Office of the Russian Federation has insisted that the term “cryptocurrency” should be added to the country’s legislation. The move would allow authorities in Moscow to confiscate digital assets that have been involved in criminal activities. Russian Prosecutor General’s Office Prepares Amendments Allowing Seizure of Cryptocurrency With cryptocurrencies being only partially regulated through the law “On Digital Financial Assets,” work is underway in Russia to adopt legislation introducing comprehensive....
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BTC-e, one of the largest bitcoin exchanges on the market, was rocked following an announcement published on the website of the Prosecutor's Office of the Volgograd region on Monday. The statement claimed BTC-e was "under investigation" by the office and it quickly generated plenty of fear, uncertainty and doubt (FUD). However, it now seems fear mongering was the sole goal of the statement, which was apparently fake. The prosecutor's office has issued another statement, saying its website had been hacked and the initial announcement was posted by hackers. Very good timing. This is not the....
The move reverses a 2018 decision that officials did not have to declare crypto holdings. Russia's public officials will be mandated to declare all private crypto assets holdings from New Year’s Day, 2021.The requirements were announced on Oct. 20 by the office of Russian prosecutor general, Igor Krasnov, following a meeting with 15 fellow prosecutor generals representing member states of the Shanghai Cooperation Organization (SCO).“Starting next year, civil servants will be required to declare [virtual] currencies on an equal basis with other assets,” Krasnov said.In 2018, Russia’s labor....
Russian authorities refused the idea of introducing punishment for transactions with Bitcoin. Endless discussions. For over two years Russian authorities could not make up their mind concerning the bizarre bitcoin. And now finally there might be some spark twinkling at the end of this tunnel as Russian authorities refused the idea of introducing punishment for transactions with bitcoin or other digital currencies. Earlier, the Ministry of Finance had suggested the introduction of imprisonment for a period up to four years for the use of a quasi-money, as Bitcoin and alike were labeled.....
Bulgarian bitcoin exchange BTC-e has pulled support for the ruble, following a decision by the Russian Prosecutor's Office to ban bitcoin. A statement issued by Russia's General Prosecutor's Office said that it saw growing interest in the cryptocurrency, including from money launderers. "The official Russian currency is the ruble. The use of any other monetary instruments or surrogates is forbidden," it said, citing Russian Article 27 of Russia's Federal Law, regarding the Central Bank of Russia. The announcement is the clearest indication yet of its position regarding cryptocurrencies.....
Russia has had a rather broad legal gray area for Bitcoin in the past year. On January 27 of this year, the Bank of Russia issued a statement that warned against money substitutes banned for emission in Russia. Similar to actions of many other governments, it cited anonymity in the facilitation of drug trafficking, money laundering and terrorism. In February, the Russian Prosecutor General’s Office claimed Bitcoin as a money substitute and therefore ‘cannot be used by individuals or legal entities.” The Central Bank has clarified, however, that there are no immediate plans to ban....