Russia recognized Bitcoin as property
A legal ruling recognizes Blockchain's main currency as an asset, even though the regulation doesn't define whether cryptocurrencies constitute a payment method
According to a local Russian newspaper, the country’s 9th Court of Appeals for Arbitration recognized Bitcoin (BTC) as a “property”, by requiring Ilya Tsarkov, a businessman declared bankrupt in 2017, to disclose and include among his possessions the amount of cryptocurrencies he own.
This legal ruling recognizes the main currency of the blockchain ecosystem as an asset, even though the regulation doesn’t define whether cryptocurrencies constitute a payment method, an asset or only “information”.
The court ordered Tsarkov to reveal how many Bitcoins he has stored in the Blockchain wallet. The former businessman rejected the petition asserting that in Russia, at the moment, there is no clear legislation on how it should be considered a cryptocurrency.
It’s important to bear in mind that according to the bill “on digital financial assets” it is forbidden to make exchanges between digital currencies and rubles. So it’s unknown how to proceed to effect the liquidation of “the cryptoactives” in question in the country.
N. Moncada
Source: CriptoNoticias
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