Russian Bailiffs Will Get More Powers to Seize CBDC & Crypto
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.
These include the authority to use mobile phone geolocation services to locate debtors.
A Ministry of Justice spokesperson said that bailiffs will be able to execute “foreclosure” on “digital ruble, digital currencies, and digital financial assets” holdings.
Russian legal and political circles often use terms like “digital currencies” to refer to cryptoassets such as Bitcoin (BTC).
They use the term “digital financial assets” (or DFAs) to speak about a wider range of digital assets, including tokenized commodities, tokenized securities, and even NFTs.
The ministry spokesperson added that the ministry also wants to authorize the “sale of seized property through electronic trading.”
This likely means that Russian bailiffs will have the right to liquidate debtors’ token holdings on crypto exchanges.
Senior politicians have suggested the creation of a state-owned crypto exchange that could oversee such sales.
They have suggested that the main function of such an exchange would be to help industrial crypto miners sell their coins to overseas buyers.
The nation’s crypto-skeptic Central Bank wants to keep cryptoassets “out of the Russian economy.”
“Russian miners will not leave the market. In September last year, #Russia ranked third in terms of [crypto] technical capacity, primarily in the #bitcoin field. This is an enormous amount of power.''
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