Russia is exploring a strategy to allocate confiscated cryptocurrencies into a designated fund, with the intention of using the proceeds for social programs.
Yevgeny Masharov, a representative of the Public Chamber of the Russian Federation, has voiced support for this initiative, which is part of a comprehensive movement to legally recognize cryptocurrencies as property within criminal law.
Masharov stated that seized digital assets should be utilized “for the benefit of the state” instead of remaining inactive.
The suggested fund would manage confiscated cryptocurrencies, allowing them to appreciate over time. Profits generated from these assets could be channeled toward social, environmental, and educational endeavors.
This proposal is in accordance with a bill put forth by Russia’s Ministry of Justice and the Investigative Committee, aiming to classify cryptocurrencies as both property and material evidence.
Masharov highlighted the necessity of removing illegal cryptocurrency from circulation while ensuring it contributes positively. He also expressed his readiness to facilitate dialogue among law enforcement, tax agencies, and the cryptocurrency sector to form a cohesive perspective on the issue.
If this plan is implemented, it could establish an organized framework for managing digital assets associated with criminal activities while integrating them into Russia’s financial system.