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Russia claims leadership in the use of cryptocurrency transfers

In Russia, more and more often in the news we hear about the legislative regulation of cryptocurrencies, the issuance of a digital ruble, and laws on mining. We decided to find out how relevant the topic of cryptocurrencies is in Russia, for which we asked questions to the director of the law firm Blockchain Technologies LLC, the author of the blog of the same name in the telegram “CryptoJurist Ilya Sanginov”.

How will the legalization of cryptocurrency in judicial practice (recognition of cryptocurrency as property, etc.) affect the cryptocurrency market as a whole?

Ilya Sanginov: Judicial practice has long been on the path of recognizing cryptocurrencies (note the term Digital Financial Assets is currently used legally ) property. Thus, cryptocurrencies can be seized and sold by a court decision, cryptocurrencies can be the subject of a bribe, and there are also cases of crypto assets being contributed to the authorized capital of the Company (Bitcoin was contributed to the authorized capital of the Russian company Artel LLC).

One way or another, cryptocurrencies (DFA) have already been legalized in Russia, but the law on DFA is, to put it mildly, “raw”, which is why legislators constantly work as part of a special committee of the State Duma on more specific regulation of cryptocurrencies.

Another thing is the legalization of mining. I think that if an appropriate law is adopted, a large number of miners will come out of the shadows and start paying taxes, which will undoubtedly be a plus for our state. However, it should be noted that the introduced bill on cryptocurrency mining has not yet been considered, although it was previously stated that it would be considered before 31 December of the year — I spoke in detail about the reasons for the transfer in my telegram channel “CryptoJurist Ilya Sanginov”, you can read the articles at the link:  https://t.me/cryptolawyer_1.

Have you noticed any increase in demand for cryptocurrency? If so, what is it connected with?

Ilya Sanginov: This question can be answered in two ways. So, in Russia and Ukraine, there is indeed an increased demand for cryptocurrencies, due to the difficulty of transferring funds outside these states. Cryptocurrency transfers have become one of the few methods of such transfers, so there are much more of them, mainly for stablecoins.

Conversely, the world is seeing a decline in demand for cryptocurrencies. This is due to several factors: a bearish trend; unstable operation of some stablecoins and tokens from the top ten, which undermined the confidence of the market (TerraUSD (UST), Luna); as well as news about the bankruptcy of crypto whales (the Celsius platform faced a lack of liquidity; the Three Arrows Capital (3AC) cryptocurrency fund lost the ability to fulfill its obligations to customers; the FTX crypto exchange is completely suspected of fraudulent schemes), and of course the difficult political and economic situation also affects to the crypto industry.

Based on the answers received from cryptocurrency lawyer Ilya Sanginov, we can conclude that the forced use of cryptocurrencies in Russia has led to an increase in demand, which means it can become an impetus for the development of this industry in Russia, which will undoubtedly have a positive impact on the economy of the country as a whole .

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