Cryptocurrency is Property in Russia, Justice Minister Confirms

A bankruptcy case involving a modest amount of bitcoin has sparked discussions in Russian legal circles. Some say a crypto is nothing more than “a set of characters.” Others, including Russia’s Justice Minister Alexander Konovalov, are categorical – cryptocurrency falls under the legal category of “other property.”  The question about the status of cryptocurrencies in the Russian Federation will be answered very soon. Two drafts have been filed in the Duma, the lower house of Russia’s parliament, and the one that focuses on legalizing ICOs will have its first reading on Tuesday, May 22. The second bill is expected to amend the country’s Civil Code in order to regulate crypto payments. According to comments made by the Russian Prime Minister Dmitry Medvedev, the new legislation will refer to cryptos and tokens as “digital money” and “digital rights”, respectively.

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