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Russia’s recent proposal to regulate Bitcoin as property has sparked a heated debate among legal experts, sparking concerns about the implications of such legislation on the cryptocurrency market. The Investigative Committee has proposed amendments aimed at closing loopholes in existing laws regarding the seizure and freezing of cryptocurrencies in criminal cases.
The committee’s efforts come in response to growing concerns over third-party transactions and banking restrictions that are driving Russians to use peer-to-peer services, often through unverified accounts, to conduct crypto transactions. According to Alexander Sobinsky, a legal expert from DRC, this is largely due to bank card restrictions imposed by the Russian government.
“We have seen an increase in the use of peer-to-peer platforms as banks restrict access to traditional payment methods,” said Sobinsky. “This has raised concerns about the potential for fraud and money laundering.”
However, critics argue that the proposed legislation could stifle innovation and limit the growth of the cryptocurrency market in Russia. Legal experts such as Gafurov have emphasized that despite previous acknowledgments of Bitcoin’s status as property in civil cases, there is still a lack of clear regulations to address its use in criminal investigations.
“It is imperative for the government to develop regulations that prioritize the recovery and return of stolen cryptocurrencies to their rightful owners,” Sobinsky stressed. “Without these measures, we risk leaving criminals free to exploit the system.”
As Russia’s digital landscape continues to evolve, it remains unclear how this proposed legislation will impact the country’s already fragile cryptocurrency market.
Source: http://www.crypto-news-flash.com
