The Russian Ministry of Justice recently made a big move, planning to manage Bitcoin and other digital currencies as ordinary property, which is essentially giving the government the green light to directly seize and freeze digital assets. This operation is really worrying - the Deputy Minister of Justice publicly stated at the St. Petersburg Legal Forum that they have drafted relevant legislation and are preparing to involve a team of experts to investigate the flow of digital assets, making it easier to freeze funds involved in cases or compensate victims at any time. The bill is currently lined up in the State Duma waiting for its first reading.
I think this policy is a bit of a double-edged sword. On the surface, it is said to protect investors' rights, but in reality it may become a tool for the government to freeze assets at will. What's even worse is that once digital currency is clearly defined as property, those gray transactions involving virtual currency laundering and tax evasion may face even tougher crackdowns, but if ordinary investors are accidentally injured, who can they turn to when their assets are gone? What is most worrying is the market reaction. Will Russia's crypto community directly enter a winter after this policy is implemented? Will investors sell off on a large scale, leading to a price crash? While the government wants to regulate the market, it lacks transparent regulatory mechanisms. Whether this "one-size-fits-all" approach is protection or just causing trouble depends on how the subsequent details are defined.
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