Cryptocurrency

26/02/19 10:01 UTC-4

Russia's Supreme Court has forbidden to cash cryptocurrency

Cryptocurrency cashing on the territory of Russia falls under the norms of the Criminal Code article on money-laundering. The country's Supreme Court made the appropriate changes.

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Taking measures on the use of cryptocurrency

The Financial Action Task Force (FAFT), which includes Russia, noted the urgent need for all member countries to take measures to prevent the use of cryptocurrency for criminal purposes, said the judge of the Supreme Court of the Russian Federation, Alexander Chervotkin.

He argues that there are specific convictions that establish that criminal proceeds in cryptocurrency, including from the sale of narcotic drugs, were converted into traditional money and withdrawn from bank accounts.

"The subject of the crimes provided for by Articles 174 and 174.1 of the Criminal Code of the Russian Federation may also be money converted from virtual assets (cryptocurrency) acquired as a result of the commission of a crime", – according to the decision of the plenum of the Supreme Court.

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Earlier, the head of the Ministry of Justice of Russia, Alexander Konovalov, said that it was forbidden to use digital money as a means of payment in the country. Soon, the government does not plan to introduce special regulation for cryptocurrencies, now they are considered as other property.

Editor: Alyona Nabok

See also: "Vitalik Buterin about XRP or a new discussion in the crypto-community"

#SupremeCourt #Russia #cryptocurrency

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