TECH

The Russian court for the first time qualified the Crypto-currency as property

In the bankruptcy case, the court ruled to include the contents of the cryptotool in the bankruptcy lot.

Financial manager Alexei Leonov told RBC that on May 7 the ninth Moscow Arbitration Appeals Court satisfied his petition for bankruptcy and ordered the debtor to transfer access to the crypto-kosher. In accordance with this decision, the contents of the wallet will be included in the bankruptcy estate and sold.

The arbitration decision became a precedent, because to this day the Russian courts refused to recognize the Crypto-currency as property or money, referring to the lack of the necessary regulatory framework. For example, in 2016, the St. Petersburg City Court came to the conclusion that “virtual money is not a matter of the material world and does not exist in a physically tangible form.”

In the case in which Leonov is involved, the court also initially refused toconsider the Crypto-currency property, indicating that it is a “certain set of character symbols” and arises literally “from the Internet.” According to the court, the absence of a control center in the crypto-currency system and the anonymity of users do not allow to determine with certainty the belonging of the crypto-currency to a particular individual.

Leonov appealed this decision, indicating that the identity of the crypto currency is not disputed by the debtor. In addition, the bankrupt himself recognizes the fact of access to the crypto. According to the manager, the crypto currency has all the attributes of the property, and the arbitration court did not want to create a precedent and a headache for the police officers. The appellate instance agreed with Leonov’s arguments, at the time of publication the reasoning part of the judgment was not yet published.

Vladimir Putin n oruchil legalized by July 1, 2018 cryptocurrency in Russia on the basis of a special meeting in the autumn of 2017. Since then, several bills have appeared , which are currently under consideration in the State Duma, but so far none of them have been adopted.

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