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Eurasian Blockchain Association Will Sue Social Media “Cartels”

Eurasian Blockchain Association

A few hours ago the Russian portal TASS published an article in which they mentioned that the Russian Association of Cryptocurrency and Blockchain (RACIB), The Korea Venture Business Association and LCBT – a Chinese association of crypto-investors, have joined forces to create a group. This group plans to unite over crypto initiatives and care for the interests of crypto adopters of both continents. They have called itself; the Eurasian Blockchain Association (Евразийская ассоциация ассоциация блокчейна).

One of the first tasks this organization has set itself is to prepare a lawsuit against large social networks and search engines for arbitrarily banning advertisements that promote cryptocurrencies. According to the conglomerate of organizations, such large companies took advantage of their condition of market monopolizers to intervene in it, causing potential damage to investors and developers of ICOs and tokens in general:

“We believe that this is the use of the monopoly position of the four companies that entered into a cartel with each other to manipulate the market. The ban on these four organizations led to a significant drop in the market in recent months,” Said Yuri Pripachkin, president of the organization

The conglomerate seeks to bring an action against Facebook, Twitter, Google and Yandex, however, by legal principle; any interested party whose interests could be affected by the bannings may adhere to this lawsuit.

According to the  Mr. Pripachkin, the Eurasian Blockchain Association will be funded via crowd funding through a crypto fund, in which anyone can donate according to RIA. 

“On its creation was signed by RACIB, Korea Venture Business Associations and the Chinese Association of crypto-investors LBTC. It will create a crypto fund, which plans to file a lawsuit in a court located in one of the US states.”

As stated by Russian press, the path to establishing such organization has not been easy. However, due to the eases of the legal framework, it is very likely that the lawsuit will be filed in the state of Wyoming, known in the community for its innovative and highly crypto-friendly legislation.

For the Eurasian Blockchain Association, it is important to notice the short time between the bannings announced by each company. Little time passed between the prohibition of Facebook regarding Crypto Ads, and the similar actions taken by Google,  Twitter or Yandex. For the Blockchain Association, these companies have decided to operate as a “cartel”, manipulating prices through sales and purchase orders.

No further declarations have been made, however, the actions taken could be positive if an order for the restitution of the activities related to crypto investments, trading and operating becomes effective.

Featured Image: twitter

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