N
NewsMaker
Administrator
- USD
- $40,998,899
- Gold
- G4,000
Amid the growing adoption of cryptocurrency reserves in countries like the United States, legal activists in Russia are pushing to create a potential crypto fund.
Evgeny Masharov, a member of the Russian Civic Chamber, has proposed creating a government cryptocurrency fund that would include assets confiscated from criminal proceedings.
The projected cryptocurrency fund would aim for revenues for the government, targeting social projects, Masharov said, according to a March 20 report by the local news agency TASS.
βThe proceeds from the cryptocurrency fund can then be used for social, environmental and educational projects,β he reportedly stated.
βSeized crypto should benefit the stateβ
Masharovβs proposal came amid Russian officials progressing with new legislation on recognizing cryptocurrencies as property for the purposes of criminal procedure legislation.
Alexander Bastrykin, Chairman of Russiaβs Investigative Committee, said that a related draft bill was sent to the government for consideration, the local news agency RBC reported on March 19.
βCryptocurrencies confiscated as part of criminal proceedings must work for the benefit of the state,β Masharov said while commenting on the proposed legislation.
Evgeny Masharov, a member of the Russian Civic Chamber. Source: Oprf.ru
βFor these purposes, a special fund can be created, putting cryptocurrencies on its balance,β Masharov said, expressing confidence that many of the seized crypto assets could see their market capitalization βrising significantly over time.β
Russian authorities have been seizing crypto assets for years
Masharovβs proposal to turn confiscated crypto assets for the benefit of the state follows years of the development of related legislation in Russia.
Russian prosecutors have been pushing legal initiatives to allow the government to seize crypto obtained from criminal activity since at least 2021, but there has not been a clear framework set in place.
Related: Russia using Bitcoin, USDt for oil trades with China and India: Report
In the meantime, the Russian government has not missed the opportunity to confiscate millions in cryptocurrency from illegal cases, sometimes involving law enforcement officials. Apparently, Russiaβs current laws do not provide standards on where and how such funds should be distributed.
Bank of Russia governor is against crypto investment
The idea of a potential social crypto fund in Russia may sound similar to initiatives like a Bitcoin (BTC) strategic reserve, which currently targets holding confiscated BTC exclusively.
In the meantime, Russiaβs central bank governor, Elvira Nabiullina, has previously strongly opposed the idea of potential investments in crypto by the Bank of Russia.
An excerpt from the US Strategic Bitcoin Reserve fact sheet. Source. White House
βCryptocurrency investment doesnβt make any sense for the Central Bank in terms of preserving value since itβs a very volatile asset,β Nabiullina reportedly said in December 2024.
Magazine: Crypto has 4 years to grow so big βno one can shut it downβ: Kain Warwick, Infinex
Actual Crypto Price of Cryptocurrency on the market now
Bitcoin/USD
Ethereum ETH
Litecoin LTC
Solana SOL
Tron TRX
Contacts for ads and profitable Investments
Click Here
Read more
