Russia's Supreme Court rules converting rubles from drug trafficking to bitcoin is 'money laundering'

By Elena Teslova

MOSCOW (AA) - The Russian Supreme Court ruled Wednesday that converting rubles received from drug trafficking to bitcoin is "money laundering."

The top court said such financial transactions, aimed at giving a legitimate form to possession of funds acquired through illegal activities, fall under the understanding of "money laundering."

In Russia, cryptocurrencies were recognized as means for possible money laundering in 2019. But the Court announced the first ruling in which the use of cryptocurrency and its transfer to rubles are recognized as criminal.