Thursday, March 28, 2024

Russian police are asking their lawmakers to let them have their own cryptocurrency wallets. That way, they could take away digital money from criminals and sell it like the police in America and Europe already do.

Russia’s Permission for Law Enforcement to Open Crypto Accounts and Wallets

The Prosecutor General’s Office of Russia wants to give permission to law enforcement agencies to open crypto accounts and wallets that they can use to store digital coins confiscated by them. This money can later be sold by the government for their own benefit. Madina Dolgieva, a representative from the Main Criminal Procedural Department at the office, said they don’t even have to make changes in the law since this permission is already provided.

The Prosecutor General’s Office suggests that investigators can have their own crypto accounts and wallets. It was mentioned by Dolgieva at a round table discussion. This will help to increase and make the method of confiscation better.

Dolgieva explained that the government can use a decree to do this rather than making changes to the whole law. She also mentioned that it is necessary to get a different decree or change an existing law so that the Russian Federal Bailiff Service can sell cryptocurrencies they have confiscated.

Dolgieva suggested that crypto exchanges in Russia need to become officially registered and give user information to police. This was requested by Igor Krasnov, who works at the Russian Prosecutor General’s Office.

Krasnov recommended that Russia should create more strict laws regarding digital assets, as recognizing cryptocurrencies only as property is not enough to stop criminals in this difficult international atmosphere. He also believes that these criminals could use existing weaknesses in relation with crypto for their own gain.

Law enforcement officers in the US and Europe have figured out ways to take away and resell digital currency that is connected to bad deeds. Recently, the U.S Department of Justice said they took cryptocurrency worth over $112 million which had been used for illegal investments. In July 2020, Finnish Customs revealed they had sold Bitcoins that cost more than $50 million, which were taken as part of a legal process.

Do you think the Russian government will allow their prosecutors and investigators to look into cryptocurrency wallets? Share your thoughts in the comments!

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