Russia Wants to Sell Seized Bitcoin But Faces Challenges

Russia is taking steps to sell Bitcoin seized during criminal investigations. The Federal Bailiff Service is spearheading the effort, with support from other government bodies.

Russia is attempting to sell Bitcoin seized during criminal cases, but the initiative is encountering difficulties, according to local news outlet.

The Federal Bailiff Service is leading the effort, aiming to sell seized cryptocurrency with the assistance of other government bodies. The country is setting up legal frameworks for handling confiscated digital assets.

The initiative follows a prominent case where a former official was found guilty of accepting crypto bribes. Marat Tambiev, previously the head of the Investigative Committee for the Tverskoy District, received 1,032.1 BTC, valued at the time at around $28 million. He was sentenced to 16 years in prison and paid a large fine.

However, the government is struggling to identify legal avenues for selling the seized Bitcoin. Dmitry Aristov, head of the Federal Bailiff Service, noted that the authorities are engaging with other institutions to develop a procedure for converting seized crypto into usable funds.

Despite progress on this front, Russia is proceeding cautiously with broader cryptocurrency integration into its financial system.

Deputy Finance Minister Vladimir Kolychev emphasized that Russia has no plans to add cryptocurrency to its national reserves. He expressed concerns about Bitcoin’s volatility and the difficulties in predicting market shifts.