On 8th August, a local newspaper agency of Moscow reported that the publication Edinstvo Nizhnekamsk was found guilty for breaching advertising norms and the publication will be liable to pay a fine for the breach.
The publication in question is alleged of an administrative offense under Part 1 of Art. 14.3 of the Administrative Code [violation of the advertising law by the advertiser, and the producing or distributing agency] of Russia.
The controversy arose after a local branch of a subsidiary of Russia’s Central Bank and Federal Anti-Monopoly Service learned that Unity Nizhnekamsk made an announcement that read:
“Investing in crypto-currencies: Bitcoin, Ethereum, Zcash . Creating and setting up minining farms.”
The ad also included a contact number, however, no name was associated with it. Later, it was discovered that the 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,”
The department stated that ads like the above must include the name of the person providing the concerned services:
“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,”
The Federal Anti-Monopoly Service concluded by saying:
“Unity of the NK should be brought to administrative responsibility.”
On 6th August, the Eleventh Arbitration Court of Appeal confirmed its decision on the same and slashed a fine of 50,000 rubles on the publication for placing an advertisement on investments in cryptocurrencies, reports confirmed.
Later, the Court of Appeal judiciously considered the application of the fine and replaced it with a warning, which 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 offense and the degree of guilt of the person brought to justice,”
The decision came in support of the fact that the Unity of the NK had committed such an offense for the first time. The court also believed that the issue at hand was a small one. Moreover, they believed that there was no damage done to the state’s security.
Recently, a survey was conducted to find out the public opinion on cryptocurrencies in Russia. The survey revealed that almost half of Russians had heard of the phenomenon, 13% claim they have a sound knowledge of it. Politicians have also given a varied opinion about the fate of cryptocurrency in the country.
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