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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.”

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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.

 

Though the crypto market is still relatively new and lacks many of the traditional institutions of a civilized market, there are projects on the market that seek to indemnify or mitigate the associated risks that investors take when deciding to invest in projects. Cryptics is one such project that seeks to offer the necessary instruments for alleviating the situation with uncertainty. The concept behind it is to support market participants by providing liquidity on exchanges and a safety cushion for retail investors by creating a platform that connects market players and develops algorithms to predict changes in the value of cryptocurrencies. Such instruments based on highly advanced scoring models involving machine learning and AI are incomparable with human intuition that even the luckiest and most prudent investors could ever be endowed with. The multitude of factors involved in predicting a cryptocurrency’s rise or fall are all taken into account by the algorithms that Cryptics employs. Investors should consult such projects as the expense is well worth the ensured profit and peace of mind.

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