This comes amidst the fact the cryptocurrency and blockchain associations in Russia, China, and South Korea had filed a lawsuit against the internet giants for disrupting trade.
Yuri Pripachkin, the President of the Russian Association of Cryptocurrency and Blockchain [RACIB] in a statement says that he believes the Internet giants are colluding and working together like a “cartel” trying to manipulate the market.
“The ban on these four organizations led to a significant drop in the market in recent months”
Advertisments of cryptocurrency and Initial Coin Offerings [ICOs] were banned recently by Google and Facebook. Facebook in a statement said that there was a chance for deceptive promotional practices to occur while Google announced that cryptocurrency related advertising are being banned due to an update in their financial services policy.
Scott Spencer, the Director of Sustainable Ads at Google told CNBC in an interview that Google thinks that ‘cryptocurrency is likely to harm consumers and it is an area that they would like to approach with extreme caution’.
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies,”
The European Association of Blockchain, in order to construct and support the lawsuit, has decided to create a fund which can be chipped by anyone.
In an unsurpassed strategy, the lawsuit is being filed in the US as cryptocurrencies have loyal support there. Many laws have been passed to protect cryptocurrency from property taxation and they have gone ahead to define cryptocurrency as a new class of assets by calling it ‘utility tokens’.