The concept of "digital currency" will be introduced into the Criminal Code to regulate its seizure and withdrawal

The concept of "digital currency" will appear in the Criminal Code and the Code of Criminal Procedure. Such amendments, developed by the Ministry of Justice, were approved on Monday, April 14 by the Government Commission on Legislative Activity (the document is at Izvestia's disposal), as reported by the editorial board's sources in the Cabinet.

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The bill envisions recognizing digital currency as property and subject to confiscation, Vladimir Gruzdev, chairman of the board of the Russian Bar Association, told Izvestia.

"The bill provides for the recognition of digital currency as a subject of confiscation. It should bring clarity to the current legislation, as for a long time there was no certainty in issues related to the regulation of crimes with digital currencies," he said.

Gruzdev spoke about the procedural order of seizure of digital currency.

"When digital currency is seized, it will be seized with the participation of specialists, which gives us a guarantee of the correct handling of such a specific type of property. In practice, we often come across the fact that currency is stored on so-called 'cold' and 'hot' wallets. In cases where currency is stored on a 'hot' wallet, it will be transferred to a special address-identifier," he explained.

Thus, according to the expert, the legislator intends to ensure the safety of digital currency. The order of currency transfer will be established by the government.

"In the case of a cold wallet may be confiscated carriers that contain the code of access to wallets or an already installed wallet with access through a specific material carrier. I would also note that seizure and confiscation are also aimed at compensation. The issue of the procedure for compensation through digital currency for damage assessed in a currency subject to fluctuations should be discussed," summarized the Chairman of the Board of the UBA.

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Online loss: the concept of "digital currency" will be introduced into the Criminal Code