Russian court declines stolen Bitcoin repayment request, says it’s not a property

eos investors

A Russian court has reportedly declined a stolen Bitcoin repayment request because Bitcoin and other cryptocurrencies are not recognized as legal tender. Nearly 100 BTC is likely lost in this case; however, the court approved the victim’s other repayment request, which involved the Russian Rubles.

Court declines stolen Bitcoin repayment request

As IBTimes reported on Thursday, a resident who was a victim of kidnappers in the past two years, requested that the law court should order those criminals to repay his stolen funds. The funds included 99.7 BTC and the country’s Russian Rubles, which summed up to $90,000.

During the time of the incident, the stolen Bitcoins amounted to $900,000, and currently worth $921,353. Unfortunately, the court declined the stolen Bitcoin repayment request by the victim but approved the other requests, which involved the country’s fiat currency, with a lesser amount as well.

Russia shows a strict stance on cryptos

While explaining the reason behind the declined request for stolen Bitcoin repayment, the court argued that the cryptocurrencies are not recognized under the country’s law as a legal tender. The court went on to explain that digital currencies are not properties, which means that they can not be returned.

Meanwhile, the criminals who are reportedly the defendants in the case were later awarded up to eight and ten-year jail terms. Also, the victim, if not satisfied with the court’s judgment, can equally seek a higher court to order the stolen Bitcoin repayment from the defendants. However, this may not be easy, following the country’s stance about cryptos.

Although many Russians are interested in cryptocurrencies, the government is not. In fact, a law was recently drafted, which, if approved, will mean a stricter regulatory oversight for digital currencies. However, another department doesn’t think a cryptocurrency ban would be necessary.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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