KANALCOIN NEWS – Russian court in the city of St. Petersburg has reversed a decision made by the country’s district court in 2016 which effectively blocked bitcoininfo.ru, a cryptocurrency media site for residents of Russia. The decision comes after a local court received an order directly from the country’s Supreme Court in April to carry out a review of the case, local media reported.
“City Court of St. “Peterseburg completely nullifies the decision that was made in the district court to acknowledge the information posted on the Bitcoininfo.ru website,” the city court said as quoted in the Tass report on Tuesday.
Indeed, since the existence of Bitcoin began to be very well known globally, several countries began to make policies and quickly banned the virtual currency from entering their countries and banned their citizens from making transactions with their currency. Including Russia, which has expressly banned Bitcoin from operating.
The owner of the website also told the news agency that the statement the St. Petersburg said that currently there are about 100 cryptocurrency media sites that have been blocked because of the decision.
Meanwhile, in July 2016, the district court from Vyborgsky in St. Petersburg has also decided to block the bitcoininfo.ru website without allowing the site owner to go through the initial trial first.In addition, the basis of the decision is “virtual payment and accumulation suggestions, and thus providing related information is illegal because it can damage the currency of the Russian State.
In addition, the basis of the decision is “virtual payment and accumulation suggestions, and thus providing related information is illegal because it can damage the currency of the Russian State.
Furthermore, following the ban, the city court of St. Petersburg also refused to appeal to the site’s owner to reconsider the case according to its report, until the Russian Supreme Court overturned the decision..
On the other hand, the latest decision has also come as Russia is in the process of drafting and issuing a regulatory framework for the cryptocurrency industry which is expected to be ready in the summer of 2018, as previously requested by President Vladimir Putin.
The rapid development of Bitcoin is starting to be taken into consideration by the local government. Regulations are made to regulate circulation so that it does not significantly affect the currency of the Russian State. Government regulations are also made so that cryptocurrencies can operate with clear rules and avoid illegal misuse of these currencies for dangerous activities, such as money laundering, buying and selling drugs and funding terrorism activities globally. This has also been done by several countries so that there are no mistakes in using crypto either as a transaction tool or as an investment tool like gold.
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