The blockchain and cryptocurrency associations of Russia, China, and Korea have come together to form Eurasian Blockchain Association to file a lawsuit in May against Google and other companies for banning the crypto-related ads ban.
Eurasian blockchain association: Russia, Korea, and China join forces
Last month, big names like Google, Facebook, Yandex and Twitter banned the cryptocurrency ads that created disturbance in the cryptocurrency market and community.
This triggered a legal action by a local Russian businessman that filed a lawsuit against the Russian-registered Google entity. Vladimir Orehov, the businessman claims that this ban is illegal and violates his rights as he is losing business opportunities that can result in probable money loss.
It has been just an individual seeking to get his lost money back. However, a few of the major associations from worldwide are planning to fight the crypto ads ban by Google and other big companies head-on.
Reportedly, The Russian Association of Cryptocurrency and Blockchain in collaboration with the Korean Ventura Business Association and LCBT (Chinese crypto investors’ association) have joined the forces to create a group called Eurasian Blockchain Association that will be protecting the interests of crypto investors.
The organization would start with filing a joint lawsuit against Google, Facebook, Yandex and Twitter for banning the crypto ads.
Yuri Paripachkin, the head of the Russian association during the “Blockchain RF-2018” conference in Moscow explained:
“Google, Twitter, Facebook and Yandex banned the advertising of crypto-currencies in their networks. [This has caused] special indignation within the crypto community. We believe that this is the use of the monopoly position of the four companies that entered into a cartel with each other to manipulate the market.The ban on these four organizations led to a significant drop in the market in recent months.”
Lawsuit against Google and its shareholders in May
The Eurasia Blockchain Association is establishing a crypto fund that anyone can contribute to and this fund “will be the initiator of the lawsuit” against Google and other companies. The lawsuit would be filed in one of the US states that will be against not only the companies but also their shareholders if they do own cryptocurrencies as stated by Paripachkin:
“We believe that if it turns out that the shareholders or managers of these companies own cryptos, which they use for personal gain, using the capabilities of their companies, they are subject to prosecution.”
As for the date, the blockchain association has decided to bring the lawsuit in the US court in May. The reason being, in June Google, plans to bring its crypto related advertising ads across all of its platforms into action.
No further announcements have been made by the association, though if the lawsuit results in a positive result, it can be good for the crypto community.
Do you think the lawsuit by the Eurasian Blockchain Association can turn out to be as effective as it seems? Is there a chance the crypto related ad ban can be reversed? Share your views and suggestions with me!
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.