Russian Court Reverses Judgment To Ban 40 Bitcoin Sites

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A municipal court in Saint Petersburg has reversed the ban on 40 bitcoin-related websites which were censored in May last year. The websites were banned in May last year by the Oktyabrsky District Court.

The lower court acting on the charge leveled against the sites from the Prosecutor’s Office imposed an “indefinite ban” on the sites. In its ruling, the court contravened sections of the Russian law by spreading information about cryptocurrencies.

The Saint Petersburg Ruling

The Saint Petersburg court in its ruling declared that “the actual existence of a cryptocurrency outside the legal frame does not provide for the implementation of legal mechanisms to ensure that the parties fulfill their obligations,”

The court clarified that the Ruble (RUB) issued by the central bank was the only official currency in the country stating that issuance of any other currency or alternative currency was illegal. It further went on to note that bitcoin not backed by real value.

The case was referred back to the Oktyabrsky District Court where it will be reviewed by a new panel of judges in line with Russian laws.

Russia’s Approach to Cryptocurrency Regulation

Since the talk of a national cryptocurrency, the cryptoruble last year, more talk and less action have been taken as regards cryptocurrency in Russia. Last month, the Ministry of Finance drafted a law on digital financial assets and ICOs.

But Legislation regarding virtual currencies in the country has stalled, and there are no definitive cryptocurrency laws yet. Bitcoin.com reports that Anatoliy Aksakov, the chairman of the Financial Market Committee in the lower legislative assembly said its members were seeking to speed up the legal process and were prepared to introduce the drafted legislation to the house.

Here’s a list of the affected sites as reported by local media (rublacklist.net):

https://www.netex24.net, https://pro100obmen.net, https://makoli.com, https://hot-bit.com, https://365cash.co, https://ww-pay.com, https://newline.online, https://betatransfer.net, https://x-pay.cc, https://baksman.com, https://24paybank.com, https://n-obmen.net, https://trust-exchange.org, https://bankcomat.com, https://minedtrade.com, https://kassa.cc, https://fastchange.cc, https://wmglobus.com, https://goldobmen.com, https://cointocard.org, https://lionex.net, https://orangeexchangepro.com, https://xchange.is, https://www.achange.net, https://i-obmen.biz, https://btc2cashin.me, https://100monet.pro, https://solidchanger.net, https://cashex.io, https://cash-transfers.com, https://e-obmen.net, https://obmenkin.com, https://pmcash.kz, http://uxbtc.com, https://bitpayeers.biz, https://1wm.kz, https://e-money.cc, http://exchanger.org.ua, http://trust-changer.com, https://www.bestchange.ru

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