The Supreme court of Russia says cryptocurrencies can be subjected to bribe

The Supreme court of Russia recognizes cryptocurrencies as money and property and warned that these could be used for bribes.

The Supreme court of Russia acknowledged that cryptocurrencies like bitcoin and XRP could be used to bribe authorities in the country. Currently, there is no legal status of cryptocurrencies in the country. However, the supreme court of the country, recognizing them as a mode of payment that can be used to bribe officials, give them a legitimacy even though it was not intended.

 

Russia yet to regulate cryptocurrencies.

There is no law in Russia that currently prohibits the use of cryptocurrencies, but the country has not been very enthusiastic about the crypto market. The central bank of Russia earlier said that they would support a law that would criminalize the use of cryptocurrencies. However, the central bank is planning to roll out a state-backed cryptocurrency.

 

Supreme court of Russia puts crypto in the same category as money and property.

The Supreme Court of Russia said that in cases where the subject, if the bribe is property rights, an official has the opportunity to receive income from the use of “digital rights.” “Digital rights” is the only legal term for cryptocurrencies in the country. The court further noted that if a corruption case under investigation involves the transfer of cryptocurrencies, then their value will be estimated by experts employed to conduct a monetary assessment.

ADVERTISEMENT
Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here