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Various Communities are coming forth against the Legal Action against Crypto Ads Ban.

Apr 11, 2018 Posted /  360 Views

Various Communities are coming forth against the  Legal Action against Crypto Ads Ban.

With the popularity of blockchain Technology gaining rapidly these days. Most of the countries of the world are on its toes to invest for the development of blockchain Technology. In spite of a large number of perks that comes with the blockchain Technology’s application in the real world. We still observe some sectors of the community which have shown their disinterest towards this transforming Technology. Many countries have already either completely banned or have started to regulate the cryptocurrencies for their personal benefit. Also, some of the major internet organizations have shown their disregards by banning all sorts of the cryptocurrency advertisements on their web pages.

Most of the social media giants on the internet have collectively refused to publish the cryptocurrency related advertisements. Their unanimous refusal has made the Crypto enthusiast think that it might be a cartel collusion by these companies. They also are exploiting their Monopoly powers.

Quoting the reasons for complaints from its users as spammy and misleading financial advises, Facebook in January took a firm call to remove all the cryptocurrency related advertisements from their pages. The ban included binary options, cryptocurrencies, and initial coin offerings.

One of the most dominant markets in the internet world is of  Google’s. Also which, by providing ambiguous reasons banned all the cryptocurrency related ads on their web searches. The ban included various domains of the crypto world some of them were coin offerings, crypto exchanges and wallets, and cryptocurrency trading advice.

To prevent the hampering of the advancements in the Blockchain Technology, various cryptocurrency associations from across the world have come forward and taken an initiative to take legal action against these internet giants.

  • Lawsuit likely to be filed in May.

The unification of cryptocurrency investors and the blockchain companies across three countries have also supported the class action lawsuit against the cryptocurrency ad ban by the companies. This amazing idea was actually initiated by the crypto Association of three major countries which is Russia, China, and South Korea. They founded Eurasian blockchain Association, in a conference held in Moscow last month. Their main aim is to assert their interest across the world.

Some of the countries have also joined the revolution which includes Kazakhstan, Armenia, and Switzerland. New York will be the place where the class action lawsuit against these companies will be filed. All the expenses related to the legal procedures will be provided by the funds which will be raised in an E-wallet registered in Estonia. Innmind a company of Switzerland has also come forward and has made efforts in collaborating the Crypto Investors along with the startups, also the Armenian Association of Developers and Users, lastly, also with the Crypto representatives from Kazakhstan.

The Eurasian blockchain Association is looking forward to imposing a legal class action lawsuit against the companies like Facebook, LinkedIn, Google, Yandex and also the famous microblogging platform Twitter which has almost implemented the ban at the beginning of this year.

The case will be taken to the court of The State of New York next month. The president of the Russian cryptocurrency and blockchain Association, Yuri Pripachkin told that Russian Cryptocurrency and Blockchain Association (RACIB) had organized the BlockchainRF-2018 congress in Moscow where legal action was initiated.

According to the Eurasian Blockchain Association, the lawsuits will be filed in the other jurisdictions of US also. Including the states where the companies are registered.

“A business player decides to introduce special requirements in regards to the freedom of information, taking advantage of a monopolized resource. Next time we’ll face racial, religious and other discrimination,” RACIB’s president warned.

During a Roundtable conference on internet advertising opportunities and barriers which was held at the Russian Chamber of Commerce and industry, “We are witnessing a revival of the censorship,” Pripachkin said. According to him, Russians had already received their “cryptocurrency vaccine” and that was the precise reason for the Russians getting on their toes immediately. He also added that internet should be a Territory of freedom.

  • Every action has an equal and opposite reaction.

Initially, the agreement to propose the legal action was reached by three major blockchain associations, which included some of the prominent blockchain associations across the world namely the Korea Venture Business Association, the Chinese Association of Cryptocurrency Investors, and the Russian Cryptocurrency and Blockchain Association (RACIB).

Following the traces of the major internet companies, many other related small companies have also modified their policy. Let us all hope that the cryptocurrency advertisement ban is revoked by the major IT companies as soon as possible.

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Tags: Blockchain companies

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