The Moscow Arbitration Court explained the refusal to include the cryptocurrency in the bankruptcy case of a natural person by the fact that the digital currency does not belong to civil rights objects, and because of the lack of legislative regulation it cannot be unequivocally classified as “property”, “assets”, “information” and money “surrogates”. This is stated in the case file on the arbitration site.
The court explained the difference between cryptocurrency and fiat money: according to arbitration, “real means of payment must first be deposited on a certain account or electronic wallet, and cryptocurrency units appear already in electronic form,” and “literally” from the Internet.”
“One can come to the conclusion that cryptocurrency is a certain set of symbols, signs, contained in the information system,” the document says. – Based on the direct interpretation of the law, “cryptocurrency” does not apply to civil rights objects, is outside the legal field on the territory of the Russian Federation, the execution of transactions with the crypto currency, its transactions are not secured by the compulsory force of the state.”
According to the court, the lack of a control center in the system and the anonymity of users does not allow determining with certainty the ownership of assets to the debtor and, accordingly, digital currency is not subject to inclusion in the bankruptcy estate.
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