My thoughts on the case of Crypto Company Offering drinks for BTC being investigated by Russian Lawyers

My thoughts on the case of Crypto Company Offering drinks for BTC being investigated by Russian Lawyers

By Infotips | Cryptocurrency Ish | 29 Aug 2020


A Moscow event manager recently offered over USD 1,600 in Bitcoin ( BTC) beverages to spectators – but experts are split when it comes to addressing the question: Was it legal?

The said event was the pet project of a crypto company called Chatex, but however , controversy has been courted by RBC.

A legislation newly adopted, promulgated on 1 January 2021, forbids the usage of BTC and altcoins to pay for services and products. However, the acquisition, question or selling of digital tokens was never forbidden.

The media outlet in question cites a lawyer based in Moscow  and a Russian Bar Association member as claiming that because the current legislation is not yet in place, Chatex has not engaged in any wrong practice.

The prosecutor, however, suggested that this will improve eventually. The legislation is transparent on crypto-pay as of next year – describing what is and is not a cryptoasset. While businesses could legally embrace crypto "gifts," if bitcoin and altcoin payments were involved they might not be willing to construct a business model focused on the sale of products.

However, another lawyer, also located in the Russian capital, claimed that because the organization has its headquarters in Estonia, it might not be liable to Russian rule. Moreover, the second attorney said, bitcoin may also be traded for other products – in barter or swap-like transactions.

The main downside here is that there will be no official acknowledgment of such purchases in Russia, and thus will not be protected by constitutional security under trade legislation.

The lawyer added that while international currencies are not a legal tender in Russia, they are still protected by the law on property rights, and courts which assume that bitcoin falls under the same group.

Final thoughts

One of the ways of increasing the value of bitcoin and altcoins is adoption in many businesses.  The Russian legislation are seeking to halt this adoption in their way possible. i think that the bill shouldnt be passed. we all are aware that there are so many businesses in the world today that is adopting the use of bitcoin and altcoins. just imagine that these businesses never adopted crypto, the popularity and fractional value of crypto wont be what it is today. ADOPTION is supposed to be on the increase daily so that more and more people will go into the cryptocurrency business thereby reducing poverty and total dependence on banks (a centralized entity) for our daily financial savings and needs.

 


Infotips
Infotips

A crypto/internet internet business enthusiast. A geophysicist. A songwriter. I am down to earth and I believe that everyone should be given a chance to express their talent/gift.


Cryptocurrency Ish
Cryptocurrency Ish

Cryptocurrency is the rave of the moment as far as finance, commerce and business is concerned. Everyone needs a good knowledge of the updates of the behavior of cryptos. Such knowledge is well illustrated on this blog.

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