How to invest in cryptocurrencies
Nowadays, the whole world is increasingly embraced by hysteria and fanaticism associated with the “new word in monetary relations” - an Internet currency called Bitcoin, which in all countries of the world is advertised and promoted as an extremely profitable thing, which will eventually push out traditional money and Payment Methods. However, as we shall see below, from the point of view of the law, not everything is all right with them and whether it is worth dealing with them is a very big question.
Judicial act: The decision of the Narimanovskiy District Court (Astrakhan Region) in case No. 2A-704/2017 dated August 15, 2017.
The plot of the case:
The prosecutor, acting in the interests of the Russian Federation, an indefinite number of persons, filed an administrative claim with the court for the recognition of information disseminated on the Internet that is prohibited in the Russian Federation.
Justifying the lawsuit, the prosecutor indicated that following the results of the monitoring of the information posted on the Internet sites, a page was found ... where there is information about how to invest in Bitcoin. Since it violates the public interests of the Russian Federation and the rights of an indefinite number of persons, the plaintiff requested that the information disseminated on the Internet at: ... be unlawful.
Having studied the materials of the case, the court concludes that the administrative claims of the prosecutor are subject to satisfaction.
The findings of the court in the decision of the Narimanovskiy district court (Astrakhan region) in case No. 2A-704/2017 dated 08.15.2017.
1) dd.mm.yyy. the prosecutor's office in the course of monitoring the information posted on the Internet, identified a page ... that contains the information “How to invest correctly in Bitcoin, blockchain and cryptocurrency? We buy cues.
2) The placement of this information on the Internet is confirmed by a screenshot.
3) From the case file it follows that the Internet site, on the page “steeme.ru/@mahnunchik/kak-gramotno-investirovat-v-bitkoin-blokchein-i-kriptovalyuty-pokupaembitki” contains information on investing in bitcoin , blockchain and cryptocurrency.
4) At the same time, a cryptocurrency (Bitcoin) has no real value and information about its holders. Bitcoin turnover is provided by organizations and entrepreneurs accepting cryptocurrency as a means of payment for services rendered or goods provided, or by traders who exchange them for various currencies on online exchanges. The lack of cryptocurrency systems or the cancellation of unauthorized transactions, and the fact that they are actually outside the legal field makes it impossible for the parties to ensure that the obligations of the transaction are fulfilled. Moreover, due to decentralization, bitcoins do not have a subject that ensures their conditional solvency.
5) Considering the above, the court concluded that Bitcoins are not the official currency of the Russian Federation and cannot be used by citizens and legal entities on the territory of the Russian Federation, therefore information about Bitcoins is information whose distribution in the Russian Federation is prohibited.
Comments:
1) So, what do we have in the bottom line? Despite all the above, bitcoins, alas, are inexorably gaining popularity, because the lawsuit filed by the prosecutor described above looks quite fair and logical. Perhaps that is why recommendations on increased legal and other risks will not be superfluous. For example, such.
Virtual currencies are not provided with anything (precious stones and metals, certainly), and speculative transactions are conducted on them.
The issuance of "vital currencies" is anonymous, so their users, whether individuals or organizations, may be unintentionally involved in illegal activities, in particular in the so-called. "laundering of money. To what it leads - I think it is clear to all: to the dock in the criminal process.
Bitcoin is not an official monetary unit (currency) of the Russian Federation and cannot be used by citizens and legal entities on the territory of the Russian Federation.
2) However, if we move away from the desire of the prosecutor to help everyone, then the desire to attract intermediaries or other persons who provide services on the cryptocurrency market looks extremely strange. Even more bizarre and, in our opinion, premature, superficial and not consistent with the law, are the conclusions of the court itself. Suppose, where is the analysis of the norms of legislation, which would allow to come to the conclusion that there is no sufficient legal field? The same analysis of Art. 128 of the Civil Code? And what confirms the lack of value in bitcoins? And these questions can be continued. But for each of them worth thinking about.
What do I get from this?
If you are going to provide services in the Bitcoin market and before the publication of a special law on this subject, then they, information about them or Bitcoins, other activities, the site itself, may be considered illegal. Accordingly, this increases the risks from this kind of activity, which may be accompanied by additional costs, losses, etc.
In the event that your litigation or other dispute, contractual work or any other form of activity concerns the issues discussed in this or other of our material, we recommend checking and making sure that your legal position corresponds to the latest changes in practice and legislation.
We will be happy to provide you with legal assistance regarding the minimization of legal risks and the opportunities available. We will try to find a solution that is suitable for you.
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Arsen Sargsyan, a lawyer-analyst. I am writing articles, looking for interesting information and proposing ways of its practical use. I believe that thanks to high-quality legal analytics, clients come to a law firm, and not vice versa. Do you agree? Then let's be friends on Facebook.
