Cryptocurrencies should be seen as a property!

And that has quite a few consequences if cryptocurrencies are seen as property, read here why and what the possible consequences are.

The digital coins are known for their anonymity. Anyone can buy crypto anonymously. That does encourage money laundering and other illegal activities. Governments have been concerned about this for a long time. So is Russia. There, a top official has called for the coins to be viewed as property.

Viewing cryptocurrencies as property

Russia is a big country. Many other countries are also watching how they tackle this ‘problem’ of anonymity. The Public Prosecutor’s Office of the Prosecutor General of the Russian Federation has drafted a bill lined up. This is to recognize cryptocurrency and other virtual assets as property. The legal definition will be used in legal proceedings under the Criminal Code. This was stated by the Russian Attorney General Igor Krasnov in the State Duma (Lower House).

The Attorney General expressed his concern about the increasing use of modern financial technologies to commit crimes. Which he believes is facilitated by existing gaps in the legal regulation of this particular area. Quoted by the Interfax news agency, he said:

The status of online platforms that offer the possibility to buy and sell cryptocurrencies anonymously has not yet been determined. And the issue of classifying virtual assets as property in criminal proceedings is still unresolved.

Legislation

There are hardly any laws regarding cryptos. In the Netherlands too. The Attorney General revealed that his department has already taken the initiative. And drafted a bill that would settle the matter. He also said he would appreciate it if lawmakers supported it. There is no national legislation yet.

The Bank of Russia also strongly opposes allowing the free movement of cryptocurrencies in the Russian economy. The head of the monetary authority, Elvira Nabiullina, recently stated that the digital ruble, which is currently under development, is what Russian citizens actually need. As she once again rejects cryptocurrencies which, she insisted, pose risks to financial stability.