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.
The country is working to create legal frameworks for handling confiscated digital assets.
The initiative targets a prominent case involving Marat Tambiev, a former official found guilty of accepting crypto bribes. Tambiev, previously the head of the Investigative Committee for the Tverskoy District, received 1,032.1 BTC in 2023. At the time, it was valued at approximately $28 million. He received a 16-year prison sentence and a hefty fine.
However, the government faces a challenge in figuring out how to legally sell the seized Bitcoin. Dmitry Aristov, head of the Federal Bailiff Service, mentioned that the authorities are collaborating with other entities to develop a process for converting seized crypto into revenue.
Although Russia is moving forward with its plans, it remains cautious. Deputy Finance Minister Vladimir Kolychev made it clear that Russia has no intention of adding cryptocurrency to its national reserves. He cited concerns about Bitcoin’s volatile nature and unpredictable market movements.
Source
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/russia-wants-to-sell-seized-bitcoin-but-faces-challenges/