Russian laws surrounding the legality of cryptocurrency is to be amended, according to the Prime Minister. The plans will acknowledge the legal right to Bitcoin as a property.
On Thursday, Prime Minister Mikhail Mishustin discussed options for crypto regulations as popularity and usage continues to grow. This decision comes months after President Vladimir Putin announced in August that the government will initiate laws regulating crypto next year while also making them legal to hold but not use as a payment method.
Once the amendment is enacted, courts must treat Bitcoin like any other asset. If it gets stolen, crypto can be claimed for retribution.
Prior to the law, courts made their own rules surrounding crypto. In many cases, stealing Bitcoin was not a crime since it was not recognized as personal property. Then in December of 2019, the supreme court ruled that token-backed cryptos were considered property (a foreshadowing to the current decision about digital coins like Bitcoin.)
In addition to being protected, Bitcoin and other digital assets will be taxable once the crypto bill is finalized.
Not coincidently, the new laws coincide with the testing of the Russian Ruble, a central bank digital currency (CBDC). Five banks have signed up to participate in a pilot launch of the government cryptocurrency and a public commentary on the Ruble is open until December 31st.