Russia Is Moving Closer to Selling Bitcoin Confiscated During Criminal Investigations as Officials Work to Create a Legal Structure for Handling Such Digital Assets

According to the report, Russia's Federal Bailiff Service, in coordination with other government agencies, is leading efforts to turn seized crypto into government revenue.

Russia is moving closer to selling Bitcoin confiscated during criminal investigations as officials work to create a legal structure for handling such digital assets, local media outlet RBC reported.

According to the report, Russia’s Federal Bailiff Service, in coordination with other government agencies, is leading efforts to convert seized crypto into government revenue.

Dmitry Aristov, head of the Federal Bailiff Service, confirmed that the authorities are developing a legal and operational mechanism to convert seized Bitcoin into state revenue.

The initiative is expected to begin with a high-profile case involving a former official caught in a crypto bribery scandal.

In June 2023, Russian investigators uncovered that Marat Tambiev, who once headed the Investigative Committee for the Tverskoy District, had accepted a bribe of 1,032.1 BTC. At the time, the stash was worth roughly $28 million.

The court ruled that Tambiev’s Bitcoin holdings were acquired through unexplained sources and sentenced him to 16 years in prison and a 500 million ruble fine.

Despite the conviction, Russian officials are still navigating how to confiscate and sell the digital assets legally.

Aristov explained that discussions are ongoing to determine how the state can sell the seized Bitcoin, noting the absence of existing legal pathways for crypto asset confiscation. He stated:

“During the criminal case, Bitcoins were found. Now we are working with the relevant authorities to develop a methodology for implementing this type of financial instrument.”

Meanwhile, this development contrasts with recent moves by the United States.

Last month, President Donald Trump signed an executive order to establish a strategic Bitcoin reserve that prevents the country from selling its BTC holdings. Instead, the US government plans to build this reserve through direct purchases and asset seizures.

Russia, however, is taking a more cautious stance. Deputy Finance Minister Vladimir Kolychev recently reiterated that the country has no intention of adding cryptocurrencies to its national reserves, citing their extreme volatility and unpredictable price swings.output: People's interest in cryptocurrency is heating up.

According to a recent survey by the World Bank, 1.4 billion adults, or 38 percent of the world's population, have used cryptocurrency, blockchain, or stablecoins in the past year.

The report also found that men are more likely than women to use cryptocurrency, and younger generations are more likely to use cryptocurrency than older generations.

The report found that cryptocurrency use is more common in high-income countries, but it is rapidly growing in low- and middle-income countries.

Cryptocurrency is a new technology that is still developing. There are many different types of cryptocurrency, and they can be used for a variety of purposes. Some people believe that cryptocurrency has the potential to revolutionize the financial system.

However, cryptocurrency is also controversial. Some people believe that it is a scam, and some governments are trying to ban it.

Despite the controversies, cryptocurrency is becoming increasingly mainstream. Major institutions, such as banks and investment firms, are now investing in cryptocurrency. And large corporations, such as Microsoft and PayPal, are beginning to accept cryptocurrency payments.

It remains to be seen what the future holds for cryptocurrency. But with increasing mainstream adoption and institutional investment, it seems clear that cryptocurrency is here to stay.input: Cryptocurrency use is heating up, according to a new report by the World Bank.

The report, titled "The Global FInancial Inclusion Report 2024," found that 1.4 billion adults, or 38 percent of the world's population, used cryptocurrency, blockchain, or stablecoins in the past year.

The report also found that men are more likely than women to use cryptocurrency, and younger generations are more likely to use cryptocurrency than older generations.

Finally, the report found that cryptocurrency use is more common in high-income countries, but it is rapidly growing in low- and middle-income countries.

The World Bank defines cryptocurrency broadly as any digital asset that is not a central bank digital currency. This includes Bitcoin, Ethereum, and other well-known cryptocurrencies, as well as smaller cryptocurrencies and tokens.

The report found that the use of cryptocurrency is closely linked to the use of other financial technologies, such as mobile money and digital payments. For example, people who use mobile money are also more likely to use cryptocurrency.

The report also found that the use of cryptocurrency is associated with several socioeconomic factors, such as age, gender, education level, and employment status. For example, younger people and people with a university degree are more likely to use cryptocurrency.

The World Bank said it will continue to monitor the use of cryptocurrency and other financial technologies around the world.

Here are some additional highlights from the report:

* The report found that despite the progress that has been made in reducing financial exclusion in recent years, 1.4 billion adults still do not have an account with a financial institution or mobile money service provider.

* The report also found that women,