Court Will Not Seize Crypto as Debt Payment from Bankrupt Citizen in Russia
The Moscow Arbitration Court ruled this week that cryptocurrency cannot be used to pay creditors in the bankruptcy case of Russian citizen Ilya Tsarkov, who filed bankruptcy in October of last year.
Court Will Not Seize Crypto as Debt Payment from Bankrupt Citizen in RussiaInterfax reported from the courtroom that the appointed trustee for the case, Aleksey Leonov, proposed “to collect [Tsarkov’s] digital savings as a debt payment.” He claimed that cryptocurrency “is definitely an asset that can be sold,” adding that it will not contradict the country’s current legislation, the news outlet detailed, as translated by Crime Russia.
While Leonov “insisted on the inclusion of digital currency in the bankruptcy assets,” the publication elaborated that “the court noted that the laws of the Russian Federation do not recognize cryptocurrency as property.”