Fun

Russia Wants to Be Able to Seize Cybercriminals’ Bitcoin

News Feed - 2019-11-08 02:11:46

Russian authorities are seeking legal means to confiscate virtual assets such as cryptocurrencies as they already can with more traditional forms of property.


In an effort to fight cybercrime, the Ministry of Internal Affairs intends to develop legislation allowing law agencies to force criminals to hand over ill-gotten digital gains and wants proposals on the books by December 2021, according to a report from Russian news source RBC Thursday.


The Ministry of Internal Affairs will be joined by the finance regulator Rosfinmonitoring, the Prosecutor General’s Office, the Investigative Committee, the Justice Ministry, the Federal Customs Service, the Federal Security Service and the Supreme Court in developing the proposals.


Long-awaited regulation addressing crypo assets more generally has been held up in the Russian parliament, further complicating the issue. A legal definition of cryptos, perhaps as commodities or cash-equivalents, is required to allow forfeiture, according to the report. However, the definition being set out in the new rules may not be appropriate in this case.


There are other potential problems down the road for the plan, too. Regulators are aware of the difficulties of confiscating crypto residing in various wallet types protected by both encryption and user passwords, RBC sources said.


Still, authorities believe they may be able to work with exchanges to isolate and freeze funds, said Nikita Kulikov, member of the State Duma’s expert council and founder of PravoRobotov Autonomous Non-Profit Organization.


Additionally, agencies may have to develop their own crypto wallets and find ways to exchange digital assets into fiat. “For these purposes, they can create a state crypto-exchange and crypto-ruble with a stable rate in which they will store the withdrawn funds,” Kulikov said.


While law enforcement moves to become acquainted with cryptocurrency, Russia’s central bank is maintaining indifference. This October, chairwoman of the Bank of Russia Elvira Nabiullina said she saw no pressing reasons to launch a digital ruble following internal research.


Russian rubles and BTC image via Shutterstock

News Feed

Privacy-Centric Cryptocurrency Firo Suffers 51% Attack on Its Network
Privacy-Centric Cryptocurrency Firo Suffers 51% Attack on Its Network The proof-of-work (PoW) cryptocurrency Firo announced that its protocol came under a 51% at
Ciaran Lyons2 hours agoBitcoin bought by corporate giants should not be feared — Michael SaylorDuring a recent podcast interview, Michael Saylor explained that Bitcoin being bought and custodied by corporations should
Covesting Token Update: All-New COV-Denominated Accounts Now Live on PrimeXBT
Covesting Token Update: All-New COV-Denominated Accounts Now Live on PrimeXBT sponsored Utility coins are a dime a dozen, but those that actually provide a plethora of benefits for
Q2 2022 Cryptocurrency Report Highlights Terra’s Collapse and Capital Exiting the Crypto Ecosystem
Q2 2022 Cryptocurrency Report Highlights Terra"s Collapse and Capital Exiting the Crypto Ecosystem On July 13, the dedicated crypto price tracking, volume, and market capitalizatio
How to store crypto assets in a self-custodial wallet
RK Subramanian13 hours agoHow to store crypto assets in a self-custodial walletDiscover the working pros, cons and step-by-step setup to gain control of your crypto assets via self-custodial wallets.906 Total views14 Tot
BTC Proxy Announces Strategic Partnership With Blockchain․com to Expand Bitcoin DeFi Ecosystem
BTC Proxy Announces Strategic Partnership With Blockchain․com to Expand Bitcoin DeFi Ecosystem press release PRESS RELEASE. BTC Proxy, the Bitcoin Liquidity Protocol on Polygon, h
Ethereum Price Crash To $2,000 Could Happen As Smaller Timeframes Turn Bearish
Este artículo también está disponible en español. Ethereum’s price trajectory has taken a sharp downturn, with technical analysis showing a possible crash to $2,000
Rakesh Upadhyay5 hours agoBitcoin price gathers strength as SOL, AVAX, FIL and EOS prep for a breakoutSOL, AVAX, FIL and EOS price are beginning to look attractive, especially if Bitcoin opens the week with a renewed att
Bitcoin NFTs surpass Ronin in all-time sales
Ezra Reguerra18 minutes agoBitcoin NFTs surpass Ronin in all-time salesBitcoin-based NFTs recorded a sales volume of $148 million in the last 30 days, according to CryptoSlam.103 Total views5 Total sharesListen to articl
Chainlink’s CCIP protocol and Automation now live on Gnosis
Vince Quill8 hours agoChainlink’s CCIP protocol and Automation now live on GnosisGnosis developers can now outsource their heavy computing to the oracle network while reducing gas fees by up to 90%, spokespeople said.1
Publicly-Listed Bitcoin Miner Argo Blockchain’s Stock Gets Downgraded, Firm Offloads Close to 4,000 Bitmain Miners
Publicly-Listed Bitcoin Miner Argo Blockchain"s Stock Gets Downgraded, Firm Offloads Close to 4,000 Bitmain Miners On Oct. 31, 2022, the publicly-listed bitcoin miner Argo Blockcha
Competition and Hype Drive Young Crypto Investors, UK Watchdog Finds
Competition and Hype Drive Young Crypto Investors, UK Watchdog Finds A sizable majority of young investors seeking high-risk opportunities are motivated by competition and hype, a