Eurasian Blockchain Association Takes Legal Action against the Internet GiantsApril 7, 2018
The cryptocurrency and blockchain associations in South Korea, China and Russia are formed to take a legal action against social media giants – Google, Facebook and Twitter – for banning cryptocurrency and ICO-related ads. This was revealed by the president of The Russian Association of Cryptocurrency and Blockchain, Yuri Pripachkin before several media representatives on March 27, 2018 at the BlockchainRF Congress.
Just recently, Facebook, Twitter and Google all banned crypto-related ads on their platforms. At the beginning of this year, Facebook banned advertisements related to binary options, cryptocurrencies and ICOs. Such measure was intended to support the security and integrity of advertising financial products and services in the site. Then, the parent company of Google, Alphabet, decided to ban ads related to cryptocurrency. Most recently, Twitter also confirmed that they will ban any advertisement that is related to cryptocurrency, especially for token sales and Initial Coin Offerings. It is also expected that Yandex will enact its own prohibitive measures against such ads.
The prohibitive measures set of the internet giants are a major blow to the industry of cryptocurrency since it is highly dependent on the web. Those three web giants claim that they clamp down on illegal activity. However, some believe that they’re actually the ones that break the law.
The three organizations that joined together include the Chinese association of crypto investors or LCBT, the Korea Venture Business Association and the Russian Association of Blockchain and Cryptocurrency. The joint organization was able to form Eurasian Association of Blockchain to be able to coordinate their efforts to counter the ban and bring their claims to court. This shouldn’t be confused with another group, the Blockchain Association of Eurasia, – a non-profit, Istanbul-based blockchain advocacy group with 5 employees overall.
Eurasian Association of Blockchain will also handle the specialized open crypto fund to support the lawsuit. According to the RABAC president, Yuri Pripachkin, the internet giants are just probably trying to manipulate the ICO and cryptocurrency market by pursuing the endeavor of banning crypto advertisements.
The formation of the new organization was announced in an event known as BlockchainRF 2018 in Moscow. The president of the Russian Association of Blockchain and Cryptocurrency, Yuri Pripachkin will lead the new organization.
The said lawsuit will be targeting not only the Internet giants, but also their shareholders. According to Pripachkin, they believe that once it proves to be the care that the managers or shareholders of those companies own digital currencies, which they use for their personal gains, they are also subject to prosecution.
The Eurosian Blockchain Association will gather digital currency to fund the lawsuit. It will be filed in the United States. There is still no definite location as to which specific state the lawsuit will be filed, but they are looking at Wyoming. The state has been fair towards digital currencies and it was the first state in the country to identify a utility token and is considered to be the country’s most crypto-friendly jurisdiction.