Russian Court Ruling Recognizes Bitcoin as “Valuable Property”

[Vaz0r]

The court indirectly recognized the cryptocurrency as property and ‎recognized its value.

In what is being perceived as a landmark judgment, a Russian court has ‎ruled in favor of a petitioner who asked the judge to include the bitcoins held ‎by a bankrupt person in the debtor’s bankruptcy estate.

Significantly, the ‎judgement classifies Bitcoin as a “valuable property,” a strong sign towards ‎the recognition of the virtual asset in Russia‏.‏

The origins of this dispute traced back to a claim filed to the Ninth ‎Arbitration Court of Appeals by the bankruptcy trustee Alexei Leonov in October ‎‎2017. A lower court had initially directed the bankrupt Ilya Tsarkov to disclose the contents of his ‎Blockchain.info wallet as part of the real estate estimation process.

But at the time, the ‎court rejected the lawyer’s request to involve the bitcoins into the repayment ‎process, citing the absence of practice in selling cryptocurrencies.‎

Following the failure of Tsarkov to pay the required debt ($285,000) in ‎ordinary assets, the appeal court has overturned the previous judgment and ordered Mr. Tsarkov to transfer the digital currency as a valid and legitimate property.‎

Source: https://www.financemagnates.com/cryptocurrency/news/russian-court-ruling-recognizes-bitcoin-valuable-property/