Minister of Justice Russian : crypto-currencies are considered as property

The Russian ministry of Justice has taken sides in what seems to be a lively debate on the status of crypto-currencies. They are not always regulated in the country. The bankruptcy of a company exchanges of Bitcoin has led to discussions in legal circles in russia. Some say that a crypto-currency is nothing more than a set of codes. Others, including the minister of Justice are adamant about the digital currency. They are regarded as a property.

Source : Pixabay. A society that exchanges of Bitcoin is to bankrupt Russia.

The ministry of Justice of the Russian finally take advantage

The crypto-currencies today are at the centre of all discussions in Russia. According to the ministry of Justice of the country, Alexander Konovalov, they must be integrated into the legal category of other goods. With two bills still awaiting approval in the Duma, it was also pointed out that crypto-currencies should not be considered as electronic money, at least at this stage.

Check out below the details of this announcement in English :

After the loss of a relatively small number of Bitcoins, it has become urgent to provide a provisional response to the question relating to the status of virtual currency. In the absence of precise definition in the current legislation, this issue has divided legal experts in Russian. On one side, there are those who think that crypto-currencies have a real value. On the other, those who await a more precise definition.

The state Duma will soon deal with this topic

According to Konovalov, the ministry has adopted an opinion consolidated on the legal nature of crypto-currencies. He supports the idea to consider them as property. The comments of the Russian minister have fuelled the ongoing debate.

On the other hand, we are waiting to know the position of the state Duma which is soon to be announced. If the crypto-currency needs to expand, additional regulation will be necessary, said Mr. Konovalov.

Source : NewsBitcoin