Vkontakte Cryptocurrency advertisement policy has been eased, following series of legal consultations. How will this impact Russian Cryptocurrency market?
10 August, AtoZForex – The ‘Facebook’ of Russia has signaled the green light for the cryptocurrency advertisements. The most popular social network in Russia Vkontakte has decided to ease the restrictions on promotion material related to cryptocurrency.
Vkontakte Cryptocurrency advertisement policy eased
According to the online local reports, Vkontakte has previously limited advertisements related to digital currencies and cryptocurrency mining. Reportedly, Vkontakte cryptocurrency ads ban was in place due to the uncertainty over the legality of digital currencies related services in Russia.
Presently, Vkontakte has reversed the policy of banning the cryptocurrency ads after a series of legal consultations. Thus, starting from August 8, users will have the opportunity to place the cryptocurrency ads on the social network. Customers will be free to promote cryptocurrency exchanges, Blockchain services, and educational platforms. This also includes the promotion of the industry media sites. The representative of Vkontakte has commented on the news:
"For a while, we really did not miss advertising these services because of the uncertain status of the cryptocurrency in Russian law. However, after a number of legal consultations, we revised the risks associated with the presence of such advertising on our site."
Bank of Russia considers national virtual currency
As of now, there are around 400 million users on Vkontakte network. It is the most popular website in Russia and the 16th most popular website in the world, according to the Alexa ranking data.
While the status of cryptocurrency in Russia is still not certain, Vkontakte has reported a rise in search results for Bitcoin, Ethereum and the like.
Meanwhile, Russian authorities began to be a little more open to the world of cryptocurrencies. The Ministry Of Telecom and Mass Communications anticipates the implementations of legal provisions for distributed ledger technologies. However, according to the officials, the implementation will not take place until 2019.
The Bank of Russia has also softened its stance in regards to Blockchain and digital currencies. The central bank has reported that it is working on the development of a national virtual currency.
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