Illegal Bitcoins have long been a problem for the crypto community as well as governments. Russia is taking this issue head-on with plans to seize all illegal Bitcoins in the country. It falls in line with recent Russian regulatory measures aimed at making cryptocurrencies more transparent and weeding out the criminal aspects of it.
The Russian Attorney General’s Office recently gave way to law enforcement departments to legally confiscate illegal Bitcoins. According to the Attorney General’s Office, it would help the country create unified laws for cryptocurrencies and other digital assets.
Russian legal departments are also working to bring a new definition of cryptocurrencies. At present, cryptocurrencies are defined as properties for criminal proceedings. That poses severe problems for the authorities to seize and confiscate illegal tokens. The Attorney General’s Office also spoke about plans to introduce a new and more accurate definition of cryptocurrencies. It would also help them deal better with the legal aspects of confiscation.
Many experts have pointed out that Russia had similar plans in the past and did not end up doing anything substantial. Nikita Soshnikov of Delliote CIS said that similar plans were in place in 2019, but the confusion still remains. However, Russia might tackle the issue with more force now since cryptocurrencies are increasingly becoming a global issue. There are still confusions regarding what would be seized – the private keys or the Bitcoins themselves, Russian authorities hope to figure it out by the beginning of 2022.
