Russia Overturn Their 2 Year Cryptocurrency Media Ban

Back in July 2016, a court in Russia ruled to block bitcoininfo.ru without allowing the sites owners any trial. The court was Vyborg district court in St. Petersburg, they deemed that cryptocurrencies are “a means of virtual payment and accumulation,” meaning that sharing such information is therefore illegal as it could undermine the ruble (Russia’s fiat currency). From this point on Russia declared a cryptocurrency media ban.

Following the cryptocurrency media ban an appeal from the sites owners was also denied in an attempt to have the case reconsidered. The ruling stated this would not happen unless the Supreme Court where to overturn the decision.

Well fast forward a couple of years and that has now happened…

Russia overturn cryptocurrency media ban

It was announced back in March that the Supreme Court were to review the decision made by the city court back in 2016.

It has now been announced that the city court will now overturn the cryptocurrency media ban following a ruling by the Supreme Court.

“The St. Petersburg City Court quashed the decision of the district court to recognize the information posted on the Bitcoininfo.ru website,”

The regulation of bitcoin and cryptocurrencies continues to be a conflicting issue in Russia amongst government officials. Last May, the Oktyabrsky District Court of St. Petersburg decided to block websites that post information about bitcoin. After the court determined that promoting the use of bitcoin and other cryptocurrencies is supporting the growth of the ‘black markets’ such as drugs and weapons markets.

It seems they failed to see the true use of cryptocurrencies and explained that cryptocurrencies cannot serve any legal purposes. This decision was appealed by the St. Petersburg prosecutors office in February 2018, which led to the decision being overturned.

It seems the latest rulings appear to be part of Russia’s overall regulatory framework, which is in the process of being drawn up and passed, with the expected date as early as mid 2018.

 

By | 2018-06-05T11:19:50+00:00 June 5th, 2018|Cryptocurrency News|0 Comments

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