Tag Archives: Assets

Moscow Court Rules Crypto Assets Cannot Be Seized For Debt Payment

In a hearing on Feb. 26, the Moscow Arbitration Court ruled that cryptocurrency funds of a bankrupt debtor cannot be seized as payment to creditors, local media group RBC reports. The court considered an application filed by finance manager Aleksey Leonov, who requested permission to recover funds from a debtor, Ilya Tsarkov, by seizing Tsarkov’s crypto assets. According to RBC, Leonov requested that the court require Tsarkov to provide the password for his cryptocurrency wallet on the website Blockchain.info. The court reviewed documents that proved Tsarkov was in possession of a crypto wallet with Bitcoins, but refused to grant Leonov’s request to seize Tsarkov’s cryptocurrency in order to repay the debt. According to Nikita Kulikov, executive director of the Moscow law firm HEADS Consulting, the court could not have reached any other ruling, as cryptocurrency legislation is not firmly established in Russia at the moment. “If the court had included cryptocurrency assets in the state of insolvency, that would have meant that Russian law recognized cryptocurrency assets as a type of money, which is contrary to the Central Bank’s stance, or as a property, which is not established by the law,” said Kulikov.

Reference: https://cointelegraph.com/news/moscow-court-rules-crypto-assets-cannot-be-seized-for-debt-payment

Ethereum Founder Buterin: ‘Traditional Assets Are Safest Bet’ for Life Savings

Blockchain veteran Vitalik Buterin, co-founder of the Ethereum network behind No. 2 cryptocurrency by market cap ETH, is a realist. While last year may have put cryptocurrencies on the map, Buterin brings up the risk/reward profile. He doesn’t want investors to have false illusions about pie-in-the-sky returns without identifying any of the risks. Meanwhile, the ETH price has advanced nearly 40% since Feb. 5. Buterin took to Twitter, which is often his soapbox platform of choice, to seemingly tout the merits of traditional investments at the expense of cryptocurrencies but only in the event when an investor’s life savings are at stake. He doesn’t offer specific investment advice though stocks and bonds are about as traditional as securities get. His comments echo the sentiment of regulators around the world that don’t want to see investors risk it all on an emerging asset class. Meanwhile, even traditional asset managers tout the merits of diversification.

Reference: https://www.ccn.com/ethereum-founder-buterin-traditional-assets-safest-bet-life-savings/