Russian Court Recognizes Cryptocurrency as Means of Payment, Prosecutors See Precedent – Regulation Bitcoin News


The Metropolis Courtroom of St. Petersburg has acknowledged a considerable amount of cryptocurrency handed over by the sufferer in an extortion case as a method of cost, Russian media reported. The prosecutor’s workplace in Russia’s second-largest metropolis describes the ruling as a precedent.

Two Males Sentenced for Cryptocurrency Extortion in Russia

Two Russian residents have been sentenced to 9 and 7 years in jail beneath strict regime for extorting 5 million rubles (nearly $90,000) in money and 55 million rubles (near $1 million) in digital property from one other man.

In the midst of the trial, the St. Petersburg Metropolis Courtroom has acknowledged the cryptocurrency as a method of cost, the crypto web page of Russian enterprise information portal RBC reported. Prosecutors take into account the ruling a primary, as the federal government in Moscow is but to find out the authorized standing of bitcoin and the like.

4 years in the past, one of many perpetrators, Pyotr Piron, launched himself to the sufferer, G.A. Shemet, as an officer from the Federal Safety Service (FSB). He threatened Shemet with legal prosecution to extort cash from him within the type of fiat and cryptocurrency, the article particulars.

As Shemet didn’t imagine Piron was a safety official and refused to provide him the funds, the latter enlisted the companies of an confederate, Yevgeny Prigozhin, a former worker of the Russian Ministry of Inner Affairs (MVD).

The 2 informed Shemet a legal investigation might be launched towards him for alleged unlawful circulation of cryptocurrency. In the summertime of 2018, they staged a faux arrest of the crypto proprietor who, beneath the specter of torture, handed over the fiat money and his crypto stash.

The town court docket’s preliminary choice didn’t take into consideration the misappropriated crypto. It acknowledged within the verdict that cryptocurrency “will not be a method of cost on the territory of the Russian Federation, due to this fact it can’t be acknowledged as an object of civil rights and a topic of against the law.”

Following an attraction, a cassation court docket declared that the cryptocurrency can however be thought-about a method of cost and returned the case to the court docket of first occasion. With out altering the jail phrases of the defendants, town court docket issued a brand new verdict, including the digital money.

The event comes after final month, a district court docket in St. Petersburg allowed regulation enforcement officers to confiscate stolen cryptocurrency in one other legal case. Investigators had demanded the seizure of two dozen crypto wallets of a suspect, holding 1 billion rubles in ethereum (ETH).

Tags on this story

Arrest, Case, metropolis court docket, Courtroom, Crypto, Cryptocurrencies, Cryptocurrency, Determination, Extortion, authorized standing, technique of cost, precedent, Regulation, Laws, ruling, Russia, russian, Seizure, st petersburg, verdict

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Japanese Europe who likes Hitchens’s quote: “Being a author is what I’m, fairly than what I do.” In addition to crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

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