{"id":88090,"date":"2023-11-23T20:21:26","date_gmt":"2023-11-24T01:21:26","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russian-bailiffs-get-more-crypto-confiscation-power\/"},"modified":"2023-11-23T20:21:27","modified_gmt":"2023-11-24T01:21:27","slug":"russian-bailiffs-get-more-crypto-confiscation-power","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=88090","title":{"rendered":"Russian Bailiffs Get More Crypto Confiscation Power"},"content":{"rendered":"<div>\n<figure id=\"attachment_135865\" aria-describedby=\"caption-attachment-135865\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-135865\" class=\"wp-caption-text\">Source: evgris\/Adobe<\/figcaption><\/figure>\n<p>Moscow will give Russian bailiffs more new powers to seize digital rubles and cryptoassets in bankruptcy cases.<\/p>\n<p>Per Comnews, the plan is the brainchild of the Ministry of Justice and the Russian Federal Bailiff Service (FSSP).<\/p>\n<p>The ministry wants to give bailiffs a range of new legal powers over the next few years.<\/p>\n<p>These include the authority to use mobile phone geolocation services to locate debtors.<\/p>\n<p>A Ministry of Justice spokesperson said that bailiffs will be able to execute \u201cforeclosure\u201d on \u201cdigital ruble, digital currencies, and digital financial assets\u201d holdings.<\/p>\n<p>Russian legal and political circles often use terms like \u201cdigital currencies\u201d to refer to cryptoassets such as Bitcoin (BTC).<\/p>\n<p>They use the term \u201cdigital financial assets\u201d (or DFAs) to speak about a wider range of digital assets, including tokenized commodities, tokenized securities, and even NFTs.<\/p>\n<figure id=\"attachment_135870\" aria-describedby=\"caption-attachment-135870\" style=\"width: 748px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-135870\" class=\"wp-caption-text\">A Russian bailiff enters a building in search of a suspected debtor. (Source: GTRK Belgorod\/YouTube)<\/figcaption><\/figure>\n<h2>Russian Bailiffs to Receive New Crypto and Digital Ruble-related Powers?<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The ministry spokesperson added that the ministry also wants to authorize the \u201csale of seized property through electronic trading.\u201d<\/p>\n<p>This likely means that Russian bailiffs will have the right to liquidate debtors\u2019 token holdings on crypto exchanges.<\/p>\n<p>Senior politicians have suggested the creation of a state-owned crypto exchange that could oversee such sales.<\/p>\n<p>They have suggested that the main function of such an exchange would be to help industrial crypto miners sell their coins to overseas buyers.<\/p>\n<p>The nation\u2019s crypto-skeptic Central Bank wants to keep cryptoassets \u201cout of the Russian economy.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\u201cRussian miners will not leave the market. In September last year, <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Russia?src=hash&amp;ref_src=twsrc%5Etfw\">#Russia<\/a> ranked third in terms of [crypto] technical capacity, primarily in the <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> field. This is an enormous amount of power.&#8221;<\/p>\n<p>Read more   \ud83d\udc47https:\/\/t.co\/gCF4OLuX6X<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1503729507634716678?ref_src=twsrc%5Etfw\">March 15, 2022<\/a><\/p>\n<\/blockquote>\n<p>But the bank is prepared to let Russian industrial miners operate unhindered.<\/p>\n<p>Another potential function of a state-run crypto trading platform would be to facilitate USD-free trade between Russian companies and overseas firms.<\/p>\n<p>Again, the bank has insisted that it is happy for traders to use crypto as a payment tool.<\/p>\n<p>But it insists that Russian firms must sell their coins for fiat at the earliest opportunity.<\/p>\n<p>The development follows a CBDC-related announcement in July this year from the FSSP director.<\/p>\n<p>The director said that the service has \u201cbeen empowered to collect fines in the form of digital rubles.\u201d<\/p>\n<figure id=\"attachment_135872\" aria-describedby=\"caption-attachment-135872\" style=\"width: 715px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-135872\" class=\"wp-caption-text\">Russian bailiffs question a suspected debtor. (Source: GTRK Belgorod\/YouTube)<\/figcaption><\/figure>\n<p>The service chief stated that this applied to both \u201cindividuals and legal entities\u201d operating in the nation.<\/p>\n<p>Earlier this month, the nation\u2019s largest bank claimed that overseas exchanges such as OKX had \u201ccooperated\u201d with the requests of Russian \u201carbitration managers\u201d in bankruptcy cases.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/russian-bailiffs-will-get-more-powers-to-seize-cbdc-crypto.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: evgris\/Adobe Moscow will give Russian bailiffs more new powers to seize digital rubles and cryptoassets in bankruptcy cases. Per Comnews, the plan is the brainchild of the Ministry of Justice and the Russian Federal Bailiff Service (FSSP). The ministry wants to give bailiffs a range of new legal powers over the next few years. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":88091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-88090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Russian Bailiffs Get More Crypto Confiscation Power | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: evgris\/Adobe Moscow will give Russian bailiffs more new powers to seize digital rubles and cryptoassets in bankruptcy cases. 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