Russian Officials Propose a law to Legally Confiscate Cryptocurrencies


Russian government officials remain uncertain on how to tackle cryptocurrencies. Numerous conflicting proposals and ideas have been filed in the country over the past few years.

In the latest turn of events, it appears a new law will be voted on fairly soon. That legislation would allow for the confiscation of cryptocurrencies in the country. 

Russia and Cryptocurrencies Still Don’t mix

Local news source RBC indicates the seizure of virtual assets is now on the government’s agenda. It is expected the final vote on this new law will take place by December 31, 2019.

While the tone of this announcement sounds scary, seizing cryptocurrencies is not straightforward. 

These currencies are, by default, decentralized and controlled by the end user.

Without consent from the end user, it seems highly unlikely any funds can be seized without relying on such potentially dubious methods. 

For now, it is a bit unclear how Russian officials plan to tackle this crucial aspect of this new proposal.

Seizing this form of money will be a completely different matter. If a user encrypts their wallet with a proper password or seed phrase, it will be very difficult to take control over any funds stored in there.

This news comes at a time during which the current state of cryptocurrencies has become a global topic. 

Various governments are scratching their heads over dealing with this uncontrollable form of digital money. 

The effort to regulate Bitcoin and altcoins in Russia is not necessarily a bad move. 

There are still plenty of criminals who favor cryptocurrencies, and putting their activities to an end is crucial. 

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