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Wednesday, 28 March 2018

Crypto Enthusiasts and Blockchain Associations Set to Sue the Four Internet Giants


Eurasian Blockchain Association (EBA), Representatives of the Russian Cryptocurrency and Blockchain Association (RACIB), the Korea Venture Business Association (KOVA) and the Chinese Association of Cryptocurrency Investors (LBTC) have all refused to take NO for an answer.


All the Cryptocurrency and blockchain associations mentioned above are from Russia, China and South Korea. And together they've  plan to file a class action against internet corporations for banning crypto ads.

See Also: See Why Financial Institutions To Likely Accept Bitcoin and Other Crytpo under These Conditions

The lawsuit will challenge restrictions imposed by Facebook, Google, Twitter and Yandex. An agreement to take the matter to court in the US has been reached at a crypto conference in Moscow. A special cryptofund will be created to finance the legal action, which can be supported through donations.


The internet big four giants, the most popular social network
Facebook and the largest global search engine Google banned crypto ads in January and in March respectively. Russian media have reported about a similar decision by the biggest search engine in the country “ Яндекс ” (Yandex). The company has not official confirmed the measure.

See Also: Why It Is Hard For Most Government To Accept Bitcoin and Other Crypto

In addition, Twitter has also imposed restrictions. Twitter announced such move since 10days ago. According to Reuters , the microblogging platform has confirmed the policy change which will take effect on Tuesday March 27. The ban will cover advertising of initial coin offerings and token sales, Twitter told the agency this Monday. It has been reported that another social media platform, Snapchat, has also banned advertisements of ICOs.

However, it's like the four Internet Giants Facebook, Twitter, Google and Yandex are not going freely as the Cryptocurrency and blockchain Associations have planned to sue them.

The matter will be taken to a US-based court, the official said. Lawyers will have the final say about the jurisdiction where the lawsuit will be filed. “You know, every state has different laws. Some states, like Wyoming for example, have been fair towards cryptocurrencies,” Yuri Pripachkin commented, quoted by RIA Novosti .

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