Evgeny Masharov, a member of the Russian Civic Chamber.Source: Oprf.ru“For these purposes, a special fund can be created, putting cryptocurrencies on its balance,” Masharov said, expressing confidence that many of the seized crypto assets could see their market capitalization “rising significantly over time.”Russian authorities have been seizing crypto assets for yearsMasharov’s proposal to turn confiscated crypto assets for the benefit of the state follows years of the development of related legislation in Russia.
The projected cryptocurrency fund would aim for revenues for the government, targeting social projects, Masharov said, according to a March 20 report by the local news agency TASS.“The proceeds from the cryptocurrency fund can then be used for social, environmental and educational projects,” he reportedly stated.“Seized crypto should benefit the state”Masharov’s proposal came amid Russian officials progressing with new legislation on recognizing cryptocurrencies as property for the purposes of criminal procedure legislation.
Alexander Bastrykin, Chairman of Russia’s Investigative Committee, said that a related draft bill was sent to the government for consideration, the local news agency RBC reported on March 19.“Cryptocurrencies confiscated as part of criminal proceedings must work for the benefit of the state,” Masharov said while commenting on the proposed legislation.
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Author / Journalist: Cointelegraph by Arijit Sarkar
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