Russian Arbitration Court: cryptocurrency can be used in insolvency proceedings after all

The Ninth Arbitration Court of Appeal in Moscow has declared that cryptocurrency could be a part of insolvency proceedings. The decision was taken as part of the ongoing debates between insolvency trustee Alexei Leonov and Ilya Tsarkov, bankrupt individual who is in debt of 300 765,91 USD  to the local Slavinvestbank.

As a reminder, this cancels the previous decision made by the Arbitration Court of Moscow. That decree contained the description of cryptocurrency as a “certain character set in the informational telecom system”. In response to that decision, Alexei Leonov noted that no matter how exotic this property may be, it cannot be excluded from proceedings that simply. The Ninth Arbitration Court of Appeal seems to share this opinion.

Russia’s legal system does not have the case law, but many judges still prefer to stick with the approach taken by their colleagues in previous similar cases. Amusingly, the debated sum was 0.2 BTC all along, which even today equals only $1863,21.

The Russian laws on digital assets are still under development and, as witnessed by the news about the aforedescribed case, can easily take a 180-degree turn at the last minute. This means that previous drafts described on Bitnewstoday could have become obsolete by now and the government actually plans to use a stricter approach.

Image: icr.su