Russian court does a crack down on bitcoin-related websites!
Saint Petersburg courts have banned 40 bitcoin-related websites that offer information on cryptographic and exchange services in Russia. The ban was introduced by a court in May last year following a request from the prosecutor. It prohibited "dissemination of information" about bitcoin as well as buying and selling krypto.
In what seems to be a small but important victory for the Russian cryptic environment, the district court in Skt. Petersburg made a ban that affected more than 40 websites related to bitcoin. It was introduced by a court in May 2017 following a request from the prosecutor in the northern capital of Russia. The measure effectively restricted access to internet platforms and prevented the exchange services offered by some of them.
After last year's ban, the owners of the websites appealed to the local judicial authorities decision in the second largest Russian city. The Oktyabrsky district court had stated that the spread of information about bitcoin and the use of crypto curves was illegal in the Russian Federation. Its decision was forwarded to the Russian telecontrol agency Roscomnadzor, who was to blacklist the sites.
The case must be judged by other judges
"The actual existence of a crypto currency outside the legal framework does not allow for the implementation of legal mechanisms to ensure that the parties fulfill their obligations," decided the First Time Decision. The regional court also noted that bitcoin was "not supported by real value" and its use was anonymous. It stated that the Russian ruble was the only official currency in the country, pointing out that the issue of other currencies and money violations was prohibited.
According to the judges, the crypto currency "is not a subject that guarantees its conditional purchasing power". They were concerned that "the emissions and revenue of bitcoins are completely decentralized" and there was no government regulation. The court warned that crypto currency as bitcoin contributed to the growth of the shadow economy and could not be used by citizens and legal entities in the Russian Federation. Now the case will be returned to the Oktyabrsky District Court. According to Russian law, it should be revised again by a new court.
Moscow is still working on cryptography
Authorities in the Russian capital are still preparing new legislation for the regulation of the crypto-cucumber sector. A law on "digital financial assets" and crowdfunding has been proposed by the Ministry of Finance, despite disagreements with the central bank of Russia on the trading and trading of crypto currencies. Many other drafts that affect different aspects of the digital economy are also awaiting state-run. There have been several calls to regulate the crypto currency in the Russian Federation. Recently, the chairman of the parliamentary committee on economic policy Sergey Zhigarev has proposed the legalization of cryptovaluta in order to attract foreign investment.
Federal institutions have been criticized for their slow progress. Interested and regional officials have called on the Russian government to catch up with other countries. The chairman of the Financial Market Committee of Duma Anatoliy Aksakov said that the members tried to speed up the legal process and were ready to introduce the draft legislation in the lower house of the Russian parliament. Experts from the cryptosector have said that the proposed provisions solve many problems unresolved and need to be revised before their final adoption.
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