Russian Newspaper Fined for Advertising Cryptocurrency

A local newspaper in Russia, Edinstvo Nizhnekamsk, was found guilty for breaching advertising norms by publishing cryptocurrency-related content. The publication will be liable to pay a fine for the breach, Crowdfund Insider reports.

The announcement read: “Investing in crypto-currencies: Bitcoin, Ethereum, Zcash. Creating and setting up mining farms.”

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.

On August 6, the Eleventh Arbitration Court of Appeal confirmed its decision on the same and slashed a fine of 50,000 rubles ($750) on the publication for placing an advertisement on investments in cryptocurrencies.

Later, the Court of Appeal considered an appeal by the newspaper and replaced the fine with a warning, the report says.

“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.