Russia Propose New Laws Which Allows Government Authority To Seize Bitcoins

Olowo by Olowo - 07:42 AM Nov 08, 2019
russia-propose-new-laws-which-allows-government-authority-to-seize-bitcoins

Russia is set to create new laws that will allow the Government Authority To Seize Bitcoins. According to local news tabloid RBC, Russia's interior ministry has begun work on the new law that could be passed into law by 2021.


According to the report, Russian authorities want greater control over digital assets within the country with the crypto revolution the major reason for this move. Nikita Kuliov a major chief in the Russian parliament was quoted as saying


"Among the options under consideration is the creation of a government cryptocurrency wallet for transferring funds."


This according to crypto analysts in the country means that the government is weighing up different ways to impose restrictions on cryptocurrencies. Russia has been slow in implementing the highly anticipated laws regarding cryptocurrency operations in the country.




Cryptocurrencies Represent A Major Problem For Governments Across The World


It is understood that one of the reasons for the delay could be in finding the proper legal framework to classify cryptocurrencies. RBC contemplates that for the government to be able to confiscate Seize Bitcoins, it would need to justify legal grounds for the action.


This is one of the dilemmas facing nations across the world as there are disagreements about how government authorities can access individuals' cryptos. It is virtually impossible to access funds held in wallets where the holder holds the private keys.

Cryptocurrencies continue to be the major dilemma for traditional institutions and central banks due to its decentralized nature.


Russia Open Authority To Seize Bitcoins Mining Operations


Russia are said to be looking to relax some of its laws regarding other aspects of blockchain technology. There are reports that the government could allow for massive Authority To Seize Bitcoins within the country.

This could be theoretically possible as the country is the largest producer of gas in Europe and has cheap electricity.

 

About The Author
Olowo

OlowoI am olowoporoku adeniyi, writer, editor and crypto evangelist, with five years experience in the Blockchain industry.

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