• Temporarily Unavailable

Russia Legalizes Cryptocurrency as a Payment Method: What Does This Mean for the Government's Position?

CJ - Cryptocurrency Enthusiast

Less than a week after Industry and Trade Minister Denis Manturov declared that Russia would undoubtedly legalize cryptocurrency as a form of payment, the City Court of St. Petersburg issued a ruling that recognized crypto assets as legitimate.

Crypto as a Payment Method is Recognized by a Russian Court

Piron and Yevgeny Prigozhin were sentenced to nine and seven years in jail, respectively, by the City Court of St. Petersburg Pyotr, for extorting about $1 million in digital assets from another guy.

The Bitcoin in question was given over by the victim in an extortion case, and the court ruling recognized it as a kind of payment, according to Russian media. In 2018, the criminals threatened Shemet with criminal prosecution in order to extort money. They pretended to be law enforcement officers.

The couple, who were not security officers in fact, extorted 5 million rubles ($90,000 USD) and 55 million rubles ($1 million USD) in digital assets from Shemet after staging a bogus arrest.

Because Russia has yet to impose legal boundaries on digital assets, the first court judgement did not deem the to be crypto extortion. Following an appeal, the municipal court issued a fresh ruling that recognized cryptocurrency as a form of payment.

More and more countries are beginning to accept Bitcoin as a form of payment, as the technology it is built on seems reliable and withstands even harshest economic conditions. If you are looking to Buy Bitcoins or Buy Alt Coins, we recommend the best Bitcoin Broker – BCBitcoin.

We use cookies to better provide our services. By using our services, you agree toour use of cookies.