Russian Supreme Court Requests Crypto Website Ban Review


Russian Supreme Court requests crypto website ban review after the Vyborgsky District Court of St. Petersburg has blocked Bitcoininfo.ru back in 2016, stating that cryptocurrencies are “a means of virtual payment and accumulation.” 

23 April, AtoZ Markets The Supreme Court of Russia has ordered a court in Saint Petersburg to consider an appeal against a blocked cryptocurrency information website.

Russian Supreme Court Requests Crypto Website Ban Review

As per the official information available online, the Vyborgsky District Court of St. Petersburg has blocked Bitcoininfo.ru back in 2016, stating that cryptocurrencies are “a means of virtual payment and accumulation.” Therefore, the court ruled that the provision of the cryptocurrency—related information is illegal since it undermines the country’s national currency, the Ruble.

The court, however, did not invite the defendants to the initial trial. As a result, they were unaware of the court’s decision to block the site until they realized that the access was cut off. As per the local online media reports, the original appeal period has been closed by that time.

Reportedly, Bitcoininfo has tried to appeal the court ruling in spite of the missed appeal period deadline. However, the court has repeatedly declined to review the appeal. The online sources in Russia have stated that the Supreme Court agreed to review the case earlier last month. Now, the Supreme Court has passed the case to the St. Petersburg City Court.

Russian Crypto Bill

In the middle of the April, the government of Russia has reportedly developed a review of the draft bill “On Digital Financial Assets.” The review has explained that the exchange of digital currencies for fiat for more than 600,000 rubles (about $9,600) or its foreign equivalent will be subject to the currency exchange regulation.

The local media reports state that the review will still need to be presented to the State Duma. Anatoly Aksakov, the chief of the financial market committee, has shared this information with the public. The online reports also note that transactions of more than 600,000 rubles are already under the supervision of the Russian banks. This is done in order to prevent terrorism financing and money laundering.

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