Russian Constitutional Court expects to face crypto-related cases – Bitcoin News regulations

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The Constitutional Court of the Russian Federation will increasingly have to deal with cases involving new types of individual rights, its president recently admitted. Some of them will be related to cryptocurrencies and blockchain technology, the official believes.

Russian Constitutional Court to Defend Cryptocurrency Rights

Constitutional justice, as far as the protection of human rights is concerned, will be increasingly influenced by the emergence of a new generation of rights, admitted Valery Zorkin, president of the Constitutional Court of Russia. These are various rights, including environmental, reproductive and informational rights, Zorkin says in an article published by Rossiyskaya Gazeta, the official government daily.

This being recognized, the high representative of the Russian justice system notes that in the very near future, the Constitutional Court will have to take into account these new rights of individuals, resulting from the scientific and technological revolution, when examining the complaints lodged with the institution.

Life is changing rapidly and new objects of legal regulation are appearing, Zorkin says, such as “robots, artificial intelligence, biotechnology, new types of transport, etc. The constitutional judge adds:

Not to mention things that have already become commonplace, like new financial instruments, blockchain (distributed ledger), cryptocurrencies, etc.

However, Valery Zorkin also warns that innovation can bring both benefits and risks. “After all, human nature is such that what was invented by some to improve people’s lives, others can figure out how to turn it into evil,” he says.

In Zorkin’s opinion, no one can predict whether the losses will be greater than the gains at any given time. He sees the role of the Court as a “universal regulator” charged with preventing any negative consequences of these developments while ensuring that it does not hamper progress.

Zorkin’s comments come at a time when Russia has only partially regulated cryptocurrencies and related activities. While providing key legal definitions in the crypto space, the “Digital Financial Assets” law, which took effect in January of this year, does not introduce any rules for the circulation of digital coins in the country.

Cryptocurrency mining is also not properly regulated, despite growing calls from officials to recognize it as an entrepreneurial activity. Aspects related to the taxation of income, profits and virtual currency transactions must also be addressed.

Last week, the Russian Association for Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), the country’s leading crypto industry organization, criticized authorities in Moscow for doing “absolutely nothing” to get the sector out of the underground economy. The criticism comes four years after President Vladimir Putin mandated the adoption of suitable legislation to define the legal status of digital technologies used in the financial sector by July 2018.

Do you think that the Russian Constitutional Court will have to consider many cases related to cryptocurrencies in the future? Tell us in the comments section below.

Keywords in this story Blockchain, Business, President, President, Complaints, Constitutional Court, Constitutional Justice, Constitutional Law, Crypto, Cryptocurrencies, Cryptocurrency, Digital Assets, Distributed Ledger, Financial Instruments, Judge, Law, Regulation, Regulations, Revision, Russia, Russian, Court of the Russian Federation, Valery Zorkin

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