Russia to Recognize Bitcoin as Property With Legal Protection
The Russian prime minister has outlined the government’s plans to amend existing laws to recognize cryptocurrency as property. This means bitcoin owners will have the legal rights to defend and recoup their cryptocurrencies in court. Russia to Recognize Bitcoin as Property During the government meeting on Thursday, Russian Prime Minister Mikhail Mishustin talked about Russia’s plans for cryptocurrency regulation alongside other initiatives to fight against the spread of the coronavirus pandemic. After outlining several solutions the Russian government has come up with,....
Related News
Russia’s parliament has advanced the bill that proposes to recognize cryptocurrencies as property. The proposed law will provide legal protection for cryptocurrencies but income from their activities will also be subject to taxation. Cryptocurrencies to Be Considered Property in Russia Russia’s State Duma, the lower house of Parliament, adopted a bill that recognizes cryptocurrencies as property and subjects income from them to taxation in the first reading, RIA Novosti reported last week. Noting that the document was submitted to the parliament by the government on Dec. 1,....
Come 2018, Russia could recognize bitcoin and other cryptocurrencies as authorities seek to enforce rules against money laundering to essentially monitor all bitcoin transactions. Rounding off a significant turn from the authoritarian stance toward bitcoin in Russia, Deputy Finance Minister Alexei Moiseev has now talked about acknowledging bitcoin and cryptocurrency in a legal capacity in 2018. In quotes reported by Bloomberg, Moiseev revealed the Russian state’s intention to include bitcoin transactions in Russia under its purview, hinting toward possible regulations of the bitcoin....
Russia has no reason to recognize bitcoin, President Putin’s press secretary has noted after El Salvador became the first country to adopt the digital coin as legal tender. In a statement to the press, Dmitry Peskov revealed he is convinced that such a move would not bring any benefits to the Russian Federation. Kremlin Not Open to Bitcoin Adoption in Russia The government in Moscow sees no reason to recognize bitcoin at this point, according to Dmitry Peskov, press secretary of Russian President Vladimir Putin. Describing it as a quasi-currency, the Kremlin representative insisted....
Madras High Court has ruled that cryptocurrencies can be treated as property, a decision that could reshape how exchanges handle user assets after hacks. The court found that certain crypto holdings are identifiable and controllable, and therefore eligible for legal protection similar to other movable property. Related Reading: $133 Million In Bitcoin On The Move: […]
China may soon have a set of laws offering legal status to Bitcoin and other digital currencies in the country. The laws offering rights to virtual property and data is part of the recently released draft of the People’s Republic of China General Principles of Civil Law. According to reports, the new draft law was created as part of the recent Conference of the NPC Standing Committee. The draft is created keeping the changing global economic landscape in mind. It is said to consider virtual networks, data, and information as properties almost on par with physical and financial assets,....