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Russian City Court reverses the decision of banning Bitcoin informative 'sites

Mar 09, 2018 Posted /  7823 Views

Russian City Court reverses the decision of banning Bitcoin informative 'sites

Everyone was sure that it was going to be a massive decision for the Bitcoin and cryptocurrency supporters. And, everyone was awaiting the decision- even the critics too. And, so St. Petersburg City court on Tuesday canceled the decision given by the previous courts to block Internet sites that post information and updates about Bitcoin. According to Russia Today, the decision was reported in the joint press service of the city courts.

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The regulations are getting sterner around the globe, and laws in Russia are persistently drawing adverse actions among Russian government officials. In May, the Oktyabrsky District Court of St. Petersburg announced its decision to ban websites that post information about bitcoin.

City Court Reverses Ruling

It was a big day on Tuesday; the city court reversed the decision made by the Distt. Court of St. Petersburg after listening to the request. The report stated-

“The case is sent for a new consideration by another composition of the court,”

The prosecutor’s office at St. Petersburg evaluated the decision to oversee the implementation of laws on “especially regime objects” and working on account of the Russian Federation and an unspecified group of individuals. The regional department of Roskomnadzor was the singular entity.

The first decision by the District Court had said that the free dissemination of information on “e-currency” results in the adoption of cryptocurrency in the trading of drugs, weapons, counterfeit documents and other criminal activity. The court remarked that cryptocurrencies, including bitcoins, promote the germination of the shadow economy and is not legal in the Russian Federation.

The Debate Continues

It was during June, at the St. Petersburg International Economic Forum, Olga Skorobogatova that deputy chairman of Russia’s central bank, announced that she feels that cryptocurrencies are the future and even maintained that in upcoming years countries would adopt national digital currencies. She admitted that the central bank was experimenting with digital currency pilots.

Deputy Finance Minister Alexei Moiseev, also spoke about the subject last April. He asserted that Russia could acknowledge and regulate bitcoin and other cryptocurrencies in 2018. This statement had come as a massive U-turn from the official who had earlier proposed to jail bitcoiners in the country.

After a matter of days, Bank of Russia’s Fintech chief Maxim Grigoriev squashed and subdued all the expectations of the bitcoin lovers, stating that the situation of cryptocurrencies in Russia was still in contention at the time, and that result was premature.

Russia’s position toward bitcoin and digital currencies during the past has cost a heavy toll. Ulmart, which is considered as the Russian counterpart of Amazon, endeavored last February to commence bitcoin payments but was stymied by the country’s primary bank.

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