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Ministry of Russia to consider Cryptocurrency as 'Legal Property'

Pooja
Pooja

Due to the huge demand and invincible nature of cryptocurrency, countries around the world are forced to make crypto as legalized form. And for the same reason, Ministry of Russia has made a statement that ‘Cryptocurrency is nothing but Legal Property’.

Alexander Konovalov, head of Ministry of Russia has reportedly passed two draft which talks about the treatment of Cryptocurrency in legalized form. He further emphasized that it would be a mistake if we Cryptocurrency is recognized just as an electronic money.

The recent bankruptcy case in Russia which involved bitcoin holdings has put the legal community at a juncture where they have to choose either if cryptocurrency has real value or not. Those who say it doesn’t need a law to say so.

All these led to Konovalov to conclude that,

“If digital money is not property, its theft would not be considered criminal offense because there would be no object of the crime.”

The question of debate arose due to fact that there is no legal structure on how to handle this cryptocurrency.

As per one of proceeding in Moscow Arbitration court,

A conclusion can be drawn that cryptocurrency is a certain set of symbols/characters contained in an information system. It cannot be an object of the civil rights

As of now two drafts filed in Duma state are pending and soon to be finalized. We are not sure as  Bitcoin will get authority of currency and as well as property. But comments from Russian Prime Minister Dmitry Medvedev, states that cryptos and tokens will be referred to as ‘digital money’ and ‘digital rights’ respectively.

What do you think of Russian acceptance for cryptocurrencies in legal form? Let us know your thoughts in the comment below.

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Pooja

Lead writer at Wolfcone.com and avid reader. My interests lie in everything and anything related to technology. I firmly believe cryptocurrency has the power to revolutionize world economy and blockc