Russia civic chamber proposes dedicated fund for confiscated crypto assets
Amid the growing adoption of cryptocurrency reserves in countries like the United States, legal activists in Russia are pushing to create a potential crypto fund.
Evgeny Masharov, a member of the Russian Civic Chamber, has proposed creating a government cryptocurrency fund that would include assets confiscated from criminal proceedings.
The projected cryptocurrency fund would aim for revenues for the government, targeting social projects, Masharov said, according to a March 20 report by the local news agency TASS.
“The proceeds from the cryptocurrency fund can then be used for social, environmental and educational projects,” he reportedly stated.
“Seized crypto should benefit the state”
Masharov’s proposal came amid Russian officials progressing with new legislation on recognizing cryptocurrencies as property for the purposes of criminal procedure legislation.
Alexander Bastrykin, Chairman of Russia’s Investigative Committee, said that a related draft bill was sent to the government for consideration, the local news agency RBC reported on March 19.
“Cryptocurrencies confiscated as part of criminal proceedings must work for the benefit of the state,” Masharov said while commenting on the proposed legislation.
Evgeny Masharov, a member of the Russian Civic Chamber. Source: Oprf.ru
“For these purposes, a special fund can be created, putting cryptocurrencies on its balance,” Masharov said, expressing confidence that many of the seized crypto assets could see their market capitalization “rising significantly over time.”
Russian authorities have been seizing crypto assets for years
Masharov’s proposal to turn confiscated crypto assets for the benefit of the state follows years of the development of related legislation in Russia.
Russian prosecutors have been pushing legal initiatives to allow the government to seize crypto obtained from criminal activity since at least 2021, but there has not been a clear framework set in place.
Related: Russia using Bitcoin, USDt for oil trades with China and India: Report
In the meantime, the Russian government has not missed the opportunity to confiscate millions in cryptocurrency from illegal cases, sometimes involving law enforcement officials. Apparently, Russia’s current laws do not provide standards on where and how such funds should be distributed.
Bank of Russia governor is against crypto investment
The idea of a potential social crypto fund in Russia may sound similar to initiatives like a Bitcoin (BTC) strategic reserve, which currently targets holding confiscated BTC exclusively.
In the meantime, Russia’s central bank governor, Elvira Nabiullina, has previously strongly opposed the idea of potential investments in crypto by the Bank of Russia.
An excerpt from the US Strategic Bitcoin Reserve fact sheet. Source. White House
“Cryptocurrency investment doesn’t make any sense for the Central Bank in terms of preserving value since it’s a very volatile asset,” Nabiullina reportedly said in December 2024.
Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex
Reform’s plan was meant to be detailed. Instead, there’s more confusion.
The party had grown weary of the longstanding criticism that their tough talk on immigration did not come with a full proposal for what they would do to tackle small boats if they came to power.
So, after six months of planning, yesterday they attempted to put flesh on to the bones of their flagship policy.
Politics latest: Farage rows back on pledge to deport illegal migrant women and girls
At an expensive press conference in a vast airhanger in Oxford, the headline news was clear: Reform UK would deport anyone who comes here by small boat, arresting, detaining and then deporting up to 600,000 people in the first five years of governing.
They would leave international treaties and repeal the Human Rights Act to do it
But, one day later, that policy is clear as mud when it comes to who this would apply to.
Nigel Farage launched an airport-style departures board to illustrate how many illegal migrants have arrived in the UK. Pic: PA
I asked Farage at the time of the announcement whether this would apply to women and girls – an important question – as the basis for their extreme policy seemed to hinge on the safety of women and girls in the UK.
He was unequivocal: “Yes, women and children, everybody on arrival will be detained.
“And I’ve accepted already that how we deal with children is a much more complicated and difficult issue.”
But a day later, he appeared to row back on this stance at a press conference in Scotland, saying Reform is “not even discussing women and children at this stage”.
Read more:
Farage has a new ‘leave’ campaign – here’s how it could work
He later clarified that if a single woman came by boat, then they could fall under the policy, but if “a woman comes with children, we will work out the best thing to do”.
A third clarification in the space of 24 hours on a flagship policy they worked on over six months seems like a pretty big gaffe, and it only feeds into the Labour criticism that these plans aren’t yet credible.
If they had hoped to pivot from rhetoric to rigour, this announcement showed serious pitfalls.
But party strategists probably will not be tearing out too much hair over this, with polling showing Reform UK still as the most trusted party on the issue of immigration overall.
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