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Russia prepares law to allow regulators to confiscate bitcoin

The Russian government is creating a law to allow law enforcement agencies to confiscate bitcoin and other cryptocurrencies that have become sources of revenue from crime, attorney general Igor Krasnov told at a conference in St. Petersburg on Wednesday (7).

Russia prepares law to allow regulators to confiscate bitcoin

Russia prepares law to allow regulators to confiscate bitcoin

According to the TASS news agency, Krasnov argued that such action is aimed at combating the use of virtual assets for the purposes of corruption and bribery.

“The criminal use of cryptocurrencies is a serious challenge in our country. A significant step towards overcoming this problem was the adoption in July 2020 of the federal law on digital assets”, said the prosecutor.

He referred to an amendment passed last year that bans bitcoin and other cryptocurrencies from being used to pay for goods and services.

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The latest update to the law that is underway, according to Krasnov, “will allow the application of restrictive measures and the confiscation of virtual assets”.

At the same time, Russia’s central bank president, Elvira Nabiullina, announced that a digital version of the country’s national currency, the ruble, could be ready for a pilot launch later this year.

As the central banks’ carriage rides in search of a digital version of their currency, everything suggests that it is a ruble in the stablecoin modality called CBDC, which stands for ‘Central Bank Digital Currency’.

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