Russian Government Slaps a Fine on Bitcoin [BTC] Newspaper Ad

Russian Government Slaps a Fine on Bitcoin [BTC] Newspaper Ad

As per a local newspaper agency of Moscow, on 8th August it was reported that the publication Edinstvo Nizhnekamsk was found guilty for violating the advertising norms and the publication has to pay a fine for the breach.

An administrative offence under Part 1 of Art. 14.3norms administrative Code [violation of the advertising law by the advertiser, and the producing or distributing agency] of Russia has been filed against the publication

“Investing in crypto-currencies: Bitcoin, Ethereum, Zcash . Creating and setting up minining farms.”

This announcement from Unity Nizhnekamsk which was later found out by a local branch of a subsidiary of Russia’s Central Bank and Federal Anti-Monopoly Service

This ad also had a contact number but there was no name associated with it. It was later found out that this number belonged to a person named Blumchen Richard Timurovich. The Federal Anti-Monopoly Service complained:

“From the sense of the content of the aforementioned advertisement, it follows that Richard Timurovich Blumchen is offering financial services, and not consulting ones,”

Furthermore, they stated that :

“In accordance with Part 1 of Art. 28 of the law on advertising, such messages should contain the name or the name of the person providing these services, but they were not, and therefore,”

In conclusion, The Federal Anti-Monopoly Service said:

“Unity of the NK should be brought to administrative responsibility.”

The Eleventh Arbitration Court of Appeal on 6th August finalized its decision on the same and as per the reports charged a fine of 50,000 rubles on the publication for putting up an advertisement on investments in cryptocurrencies.

the Court of Appeal judiciously took into account the application and later removed the fine and replaced it with a warning. It stated:

“The court of the first instance reasonably considered that the application of a fine of 50,000 rubles will be unjustifiably punitive, not corresponding to the gravity of the offence and the degree of guilt of the person brought to justice,”

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Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.