The State of New York is Going to legalize the Appropriation of nobody owned Bitcoins

The State of New York is Going to legalize the Appropriation of nobody owned Bitcoins

According to the new bill, developed by the authorities of the state of New York, “nobody owned” Bitcoins can be confiscated in favor of the state.

The bill was submitted to the New York State Assembly and would allow the government to transfer to the treasury all unclaimed cryptocurrency assets previously owned by state residents. How this will be done technically and how the identity of cryptoactive assets will be determined is not yet known.

The law on the process of transfer of unclaimed property to the state was adopted during the time of feudal England. It involves the seizure of property in the event that it does not belong to anyone or no one is claimed. For example, if a person died suddenly and did not leave a will, and also has no legal heirs.

In the modern world, property liquidation laws require certain amendments. Anyway, their competent use can be beneficial to the authorities, because in this case, cryptocurrency will become an additional source of income.

Other states, such as Illinois, Colorado and Utah, have already begun to take certain steps towards recognizing cryptocurrencies as property.

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The current bill can be viewed as a revision of the existing laws on the transfer of property rights to the state; nevertheless, heightened risks are obvious in it. For example, if, after assigning a cryptocurrency, the state sells it for fiat currency, then the true owner will be declared. How will the authorities pay him? Buy digital currencies back or at the rate of sale in fiat currency? Or at the current rate? Most importantly, how do government officials plan to determine whether national citizens own cryptocurrency if assets are not located on any regulated service? It opens a wide field for extended interpretations of the law, if it is adopted.

In addition, there is a high probability that other states will take a similar step, despite the existing inconsistencies in the bill.


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