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Cryptocurrencies Can't Be Seized As Debt Payment, Moscow Court Rules

In an interesting case, a Russian court decided today that crypto assets can’t be taken as debt payments in any case, because the Russian Federation does not recognize them as valid assets (to be collected as properties), or currencies (to be collected as cash).
This happened when a man called Alexei Leonov, representing the company Ricas Finance LLC, took his debt settlement case to court. Ilya Tsarkov declared himself in bankruptcy and owed them 18 million rubles, which he stated he could not pay at the moment. But Leonov inquired and found that Tsarkov had a wallet containing some bitcoin. Then he proved with a screenshot that the funds were indeed Leonov’s. The court ruled that as cryptocurrencies weren’t recognized as cash or properties, they could not be seized.
Leonov said that “Obviously, these are assets, and if it is not included in the bankruptcy mass, such a precedent will contribute to the outflow of assets in the future,” But if the court had ruled in favor, it would have contradicted the stance of the central bank on the subject. These kinds of cases reinforce the need for clear regulations on the matter at hand, and the sooner, the better. The complete article can be found here.

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