Proposed Crypto Money Ban Responded From Ministries In Russia
The country’s Ministry of Justice opposed the new regulations on Tuesday, one week after the criticism of the Ministry of Economic Development. The bill was introduced by lawmakers in March, but is considered the idea of the central bank, which has a prohibitive approach to the country’s cryptocurrency. The proposal received harsh criticism by Russia’s crypto community.According to the Russian newspaper Izvestia, Deputy Justice Minister Denis Novak criticized the bill’s inconsistency and commented on the bill.
The ministry’s press office confirmed this and stated that their feedback was sent to the Digital Economy think tank working with the government on policy issues.The bill reveals that Russians should not use the country’s infrastructure to take any action with the cryptocurrency, but individuals will be allowed to inherit or accept money as a result of the bankruptcy process.
Crypto can also be seized like any other property by court order.
What to do with the crypto money seized?
The Ministry of Justice pointed out that it is not clear what the courts will do with the confiscated crypto. Normally, goods seized in this way are sold, but if all crypto transactions in Russia are considered illegal, sales cannot be possible. Instead, the ministry proposes that the Russians choose a government body to help sell crypto abroad.
Meanwhile, one of the lawmakers who put forward the draft law, Anatoly Aksakov told the news agency TASS that the part of the bill related to digital securities is ready to be passed and may pass through a final hearing soon. Aksakov said that part of Russia’s ban on crypto transactions, including the addition of criminal law for violations, is open to debate.