The Russian court indirectly recognized the cryptocurrency as property The Ninth Arbitration Court of Appeal allowed the inclusion of cryptocurrency in the bankruptcy estate of an individual declared bankrupt. Thus, the court indirectly admits that cryptocurrency is property and has value, Vedomosti writes with reference to the explanation of the financial manager Alexei Leonov.

Russian court indirectly recognized cryptocurrency as property

The Ninth Arbitration Court of Appeal allowed the inclusion of cryptocurrency in the bankruptcy estate of an individual declared bankrupt. Thus, the court indirectly admits that cryptocurrency is property and has value, Vedomosti writes with reference to the explanation of financial manager Alexei Leonov.

By court decision, Leonov will be given the password from the cryptocurrency wallet of Ilya Tsarkov, which was declared bankrupt in October 2017. Tsarkov's debt to Slavinvestbank is 18.9 million rubles.

On February 26, the court of first instance refused to include cryptocurrency in the bankruptcy estate, arguing that such a concept is not enshrined in the Civil Code, and the legal regime for this process is not defined in any legal document.

According to Tsarkov's representatives, there is an amount of 0.2 BTC on his wallet. The further procedure for the sale of the cryptocurrency received by Leonov will also be determined by the court.

Tsarkov insists that cryptocurrency cannot be qualified as property, since it does not belong to the material world and is not recognized by law. Earlier, representatives of the bankrupt said that he himself informed the financial manager about the fact that he had cryptocurrency..

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