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Russia’s supreme court calls for review of bitcoin website ban

Russia’s supreme court calls for review of bitcoin website ban

MOSCOW: The Supreme Court of Russia has ordered the St. Petersburg City Court to review an appeal against blocking bitcoininfo.ru, a cryptocurrency website, according to RAPSI, the court’s press service.

In 2016, the Vyborgsky District Court of St. Petersburg granted a prosecutorial request to block the website, according to the court. The court held that information about bitcoin, as “a mean of virtual payment and accumulation,” violated Russian law.

The website, bitcoininfo.ru, is currently offline. According to easycounter.com, which tracks website traffic, bitcoininfor.ru got 85.7% of its traffic from Russian Federation, where it is ranked 884556.

Members of the country’s Ministry of Economic Development in February proposed changes to a proposal to regulate cryptocurrencies.

Members requested that transactional profits, as well as personal income, from cryptocurrencies should not be taxed. Furthermore, investment limit in ICOs should be increased from 50,000 to 500,000 rubles. Russian token holders would be allowed to invest in other tokens and participate in foreign exchanges. Members also proposed dropping the restrictions posed on non-residents for participating in ICOs.