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Bitcoin Coins Regulations

Ban on Bitcoin website taken down

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The Russian government had previously summoned a cryptocurrency news outlet, Bitcoininfo.ru portal from all its online activities. The Supreme Court of Russia has now decided to take down the ban. Crypto-fanatics are hoping that this approval will fetch a green signal for Cryptocurrencies from many other online vents.

Brief History of Bitcoininfo.ru:

Previously, the Supreme Court of Russia had revoked the validity of a cryptocurrency website named, Bitcoininfo.ru . This website happened to be one of the most popular crypto-news outlet from the initial days of digital coins. However, it was taken down by the government along with 40 other similar sites  in the past few years.

Why was the ban imposed?

The year 2016 marked the ban of Bitcoininfo.ru. The Vyborgsky Court put forth its judgment that online activities were a violation of the laws on “Central Bank of Russia”. Hence, the decision of ban was granted.

The Verdicts then:

The popular digital coin was defined as such, “electronic currency, which is a virtual means of payment and accumulation”. It was sentenced as illegal and “subversive” within “the constitutional order, the authority of the Russian state, and the material welfare of its citizens”.

Mr Sarkisian Darbinyan, Tonkoshkurov’s lawyer, is very enthusiastic since the future prospects of Cryptocurrencies can now be decided in a court of Russia’s second largest city. But he is discomfited with the fact that the Supreme Court has not stated any verdict on the status of Cryptocurrency.

“Nevertheless, we think this is a very important decision,” Darbinyan stated. Since the sites were taken down by the complainants while the owners weren’t even imparted the knowledge of it, this decision comes as a rescue for the entrepreneurs’ legal protection. He is highly motivated that further decisions of  bans will now be considered invalid and that the crypto-landscape might surge with new chances of growth.

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