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Russian Court Recognizes Cryptocurrency as Means of Payment, Prosecutors See Precedent


Russian Court Recognizes Cryptocurrency as Means of Payment, Prosecutors See Precedent

The City Court of St. Petersburg has actually acknowledged a big quantity of cryptocurrency turned over by the victim in an extortion case as a method of payment, Russian media reported. The district attorney’s workplace in Russia’s second-largest city explains the judgment as a precedent.

Two Men Sentenced for Cryptocurrency Extortion in Russia

Two Russian people have actually been sentenced to 9 and 7 years in jail under stringent routine for obtaining 5 million rubles (practically $90,000) in money and 55 million rubles (near to $1 million) in digital possessions from another male.

In the course of the trial, the St. Petersburg City Court has actually acknowledged the cryptocurrency as a method of payment, the crypto page of Russian service news website RBC reported. District attorneys think about the ruling an initially, as the federal government in Moscow is yet to identify the legal status of bitcoin and so on.

Four years earlier, among the criminals, Pyotr Piron, presented himself to the victim, G.A. Shemet, as an officer from the Federal Security Service (FSB). He threatened Shemet with prosecution to obtain cash from him in the type of fiat and cryptocurrency, the post information.

As Shemet did not think Piron was a security authorities and declined to provide him the funds, the latter employed the services of an accomplice, Yevgeny Prigozhin, a previous staff member of the Russian Ministry of Internal Affairs (MVD).

The 2 informed Shemet a criminal examination will be introduced versus him for declared unlawful flow of cryptocurrency. In the summer season of 2018, they staged a phony arrest of the crypto owner who, under the risk of abuse, turned over the fiat money and his crypto stash.

The city court’s preliminary choice did not take into consideration the misused crypto. It specified in the decision that cryptocurrency “is not a method of payment on the area of the Russian Federation, for that reason it can not be acknowledged as a things of civil liberties and a topic of a criminal activity.”

Following an appeal, a cassation court stated that the cryptocurrency can however be thought about a method of payment and returned the case to the court of very first circumstances. Without altering the jail terms of the accuseds, the city court released a brand-new decision, including the digital money.

The advancement follows last month, a district court in St. Petersburg permitted police authorities to seize taken cryptocurrency in another criminal case. Detectives had actually required the seizure of 2 lots crypto wallets of a suspect, holding 1 billion rubles in ethereum ( ETH).

Do you anticipate to see more cases including cryptocurrency in Russian courts? Inform us in the remarks area listed below.

Lubomir Tassev

Lubomir Tassev is a reporter from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being an author is what I am, instead of what I do.” Crypto, blockchain and fintech, global politics and economics are 2 other sources of motivation.

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