The Russian Supreme Court has overturned a previous ruling that converting cryptocurrencies into rubles constitutes money laundering. The case involved a drug manufacturer who received cryptocurrency payments for narcotics. The court based its decision on the classification of cryptocurrency as a crime subject under the Russian Federation’s Criminal Code. The initial court argued that the defendant was innocent of money laundering because they converted the funds into rubles without introducing them into circulation. However, Article 174.1 states that attempting to give a lawful appearance to criminal funds is sufficient for guilt, regardless of profit. The prosecutor argued that the defendant’s acceptance of Bitcoin as payment for drugs indicated an intention to avoid detection. While Russian law recognizes cryptocurrencies as a means of payment and property, converting them into fiat for further circulation may warrant investigation. Criminal lawyer Andrey Tuzov believes that it will take time to fully understand judicial practices regarding the criminal use of cryptocurrencies.
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