Amid the growing adoption of cryptocurrency reserves in countries such as 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 suggested to create a government cryptocurrency fund that will include possessions confiscated from criminal proceedings.
The expected cryptocurrency fund is aimed at government revenues, which target social projects, Masharov said, According to In a March 20 report by local news agency Tass.
“The proceeds from the cryptocurrency fund can be used for social, environmental and educational projects,” he reportedly said.
“The seized crypto must benefit the state”
Masharov’s proposal has come amid Russian officials advancing the new law in recognition of cryptocurrencies as possession of the purposes of the law in criminal procedure.
Alexander Bastrykin, chairman of the Russian Investigation Committee, said a related draft bill was sent to the government for consideration, the local news agency RBC reported on March 19.
“Cryptocurrencies are confiscated as part of criminal proceedings should work for the benefit of the state,” Masharov said while commenting on the proposed law.
Evgeny Masharov, a member of the Russian Civic Chamber. Source: oprf.ru
“For these purposes, a special fund can be created, which puts cryptocurrencies in its balance,” said Masharov, expressing confidence that many of the seized crypto properties can see their capitalization in the market “rising significantly over time.”
Russian authorities have seized crypto assets for years
Masharov’s proposal to conconfiscated crypto assets for state benefit complies with the years of the development of related laws in Russia.
Russian prosecutors pushing legal initiatives to Allow the government to seize the crypto Retrieved from criminal activity since at least 2021, but it is not yet clear a plot set in the area.
Related: Russia using Bitcoin, USDT for oil trades in China and India: Report
Meanwhile, the Russian government has not missed the chance Confiscated millions in cryptocurrency from illegal casessometimes involving law enforcement officials. Apparently, Russian current laws do not provide standards to where and how such funds should be shared.
Governor of the Bank of Russia is against Crypto investment
The idea of a potential social crypto fund in Russia may sound like initiatives like a bitcoin (Btc) Strategic Reserve, which is current targets The handling was confiscated by BTC exclusively.
Meanwhile, Russia’s Central Bank governor Elvira Nabiullina, previously opposed the idea of potential investment in the Bank of Russia’s crypto investment.
An excerpt from the US strategic bitcoin reserve fact fact sheet. Source. White House
“Cryptocurrency investment does not make sense for the central bank in terms of value maintenance because it is a very much -new -owner,” Nabiullina reported Says In December 2024.
Magazine: Crypto has 4 years to grow massive ‘no one can close it’: Eat Warwick, Infinex
