The Ministry of Justice of Russia has confirmed that Cryptocurrency is a property in Russia. The Ministry has taken its side towards Cryptocurrency in a country where still Cryptos not regulated officially.
Crypto falls under the legal category of “other property” said by Alexander Konovalov, Russia’s Justice Minister. In the State Duma, there is still 2 draft laws which are pending. The minister also said that These “digital coins” should not be considered electronic money for now at this stage.
According to the Minister:
Consolidated opinion on the legal nature of cryptocurrencies and it supports the view that they should be defined as property. If digital money is not property, its theft would not be considered criminal offense because there would be no object of the crime. If cryptocurrencies are to develop, additional regulation will be necessary. The main point is to ensure that all this does not grow into financial pyramids.