Russia’s Supreme Court Unwillingly Classifies Bitcoin as Money or Property

There have been numerous allegations regarding bitcoin and altcoins in the criminal underworld. Russia’s Supreme Court now officially deems digital currencies to be facilitators of bribery.

The relationship between Russia and cryptocurrency has always been strenuous, to say the least.

Russian Supreme Court and Bitcoin

That situation is rather unlikely to improve in the near future.

According to Russia’s Supreme Court, the use of cryptocurrencies poses many dangers.

One such threat comes in the form of bribing authorities in the country.

While this is not a trait unique to bitcoin and altcoins, the concept cannot be refuted either.

Russia does not have any regulation in place for crypto assets at this time.

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Even so, this “allegation” by the Supreme Court of Russia may help to change that narrative significantly.

In its warning, the authority confirms bitcoin is a mode of payment, regardless of its exact purpose.

How this will affect the future regulation of crypto assets, is a different matter.

Under Russian law, a bribe is subject to different legal meanings.

It can either be classified as money, or as a property right.

As such, it seems as if the Supreme Court may have created a precedent for bitcoin and other crypto assets.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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