More

    Russian Arbitration Court Recognizes Bitcoin as Asset in Bankruptcy Case

    Russian Court Recognizes Bitcoin As Asset

    In early August, a Russian arbitration court considered a bankruptcy case against Ilya Tsarkov. One of Tsarkov’s assets included 0.2 bitcoin in his crypto wallet and the issue is whether the crypto could be listed as part of his assets, and the court affirmed.

    At the bankruptcy hearing, Tsarkov argued that bitcoin should not be considered an asset because Russia does not legally recognize bitcoin as such. And that bitcoin, like other cryptocurrencies, is “information” or “surrogate money banned on the Russian territory.”

    The plaintiff insisted otherwise and argued that not treating bitcoin as an asset creates an opportunity for debtors to convert their assets into crypto to avoid paying their debts. The latter argument passed muster and the court ruled in the plaintiff’s favor. The Russian arbitration court stated,

    “Taking into consideration contemporary economic realities and the high level of development of information technologies, the widest possible definition of ‘other assets’ is acceptable.”

    In terms of legislative efforts, the lower house of the Russian parliament introduced three draft laws to provide regulation into the crypto space. Of course, this is just an introduction and the legislation has a long way to go before it is finalized, if at all, into law.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,353FansLike
    2,773FollowersFollow
    4,130FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Crypto Community Sentiment Still Bullish Despite BTC Trading 40% Lower Than Yearly High

    Bitcoin proponents had a lot of expectations from 2020, given the impending Block Reward Halving and the expected bull run. The year started as...

    Modern Monetary Theory (MMT) vs BTC to be the Main Event of 2020

    The biggest global emergency of the century, COVID-19 pandemic has the Treasury officials trying to decide on how much they can spend to fight...

    This Crisis Is A ‘Perfect Storm' For Bitcoin But We Could Be In For A ‘Prolonged Bear Market'

    Bitcoin is back in the green, recording the gains of 3.14% in the past 24 hours while volume on the top ten exchanges with...

    Banking Giant Santander to Bring One Pay FX Payment System to Mexico Utilizing RippleNet

    In 2020, the major Spain-based bank Santander is planning to roll out the One Pay FX program, its Ripple powered system for international payments,...

    Bitcoin Bull Market Won’t be Happening Immediately After the Halving: Bitmain CEO

    Bitcoin is currently trading above $6,300, still down over 14% on a year-to-date basis but up more than 60% from the 2020 low of...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.