Beginning of this year didn’t bring good news for bitcoin and blockchain technologies as Facebook announced the ban on cryptocurrency ads citing scams and misleading information as core reasons. Later on, Google and Twitter also joined the social media giant in this effort again putting the blame on fraudulent advertising.
In the first practical reaction to the moves from technology giants, cryptocurrency and blockchain associations in Eurasian countries including South Korea, China and Russia are contemplating over filing a joint lawsuit against Twitter, Facebook, Yandex and Google in the month of May for putting a ban on cryptocurrency ads on the platforms.
Interestingly, Yandex hasn’t enacted a ban as of yet but if local media outlets are to believed, the company is expected to announce its plans including prohibitive measures against cryptocurrencies and ICO ads.
Associations planning to take the tech giants to the court include Korea Venture Business Association (KVBA), Russian Association of Cryptocurrency and Blockchain (RACIB) and LCBT, a China based association comprising of cryptocurrency traders and investors.
The president of Russian Association of Cryptocurrency and Blockchain (RACIB), in his speech to Blockchain-RF 2018 conference conducted in Moscow on March 27 sounded off that these big technology companies are hurting the future of cryptocurrency markets. Mr. Pripachkin said:
“We believe that this is a use of the monopoly position of these four companies, which have entered into a cartel agreement with each other in order to manipulate the market. The ban from these four organizations has led to a significant drop in the market in recent months.”
Eurasian Association of Blockchain is a recently formed alliance of all 3 aforementioned organizations in a bid to create a fund to finance and support the lawsuit against technology companies. RIA Novosti, a local news outlet, reported that Mr. Pripachkin said anyone who is willing to help the cause of cryptocurrencies can chip in to the Eurasian Association of Blockchain fund. He also said that if the shareholders of these technology companies who have enacted ban on crypto advertising are using the services of crypto wallets, they will also see legal proceedings against them. He said:
“We believe that if it turns out that the shareholders or managers of these companies own crypto wallets which they use for personal gain, using the position of their companies, they are subject to prosecution.”
Eurasian Association of Blockchain plans to file the lawsuit in United States as Mr. Pripachkin believes that some American states have tied their loyalty to cryptocurrencies. It’s difficult to predict whether the lawsuit would be filed successfully and more importantly if there would be any ramifications for the technology giants but it is encouraging to see cryptocurrency loyalists standing up against the big names.