ICO

TrueFlip’s Upcoming Crowdsale to face troubles in Russia

Guest Author | June 5, 2017 | 4:54 pm
trueflip
ICO

TrueFlip’s Upcoming Crowdsale to face troubles in Russia

Guest Author | June 5, 2017 | 4:54 pm

The way the blockchain technology is increasingly penetrating across the world’s industries, the banning of blockchain based projects like TrueFlip may raise a lot of questions among the masses. Trueflip, a global blockchain lottery platform with an open source code, instant payout and completely transparent prize fund, seems to be in trouble in Russia, since as per Russian Federation media supervisor Roskomnadzor, the website is listed as prohibited website in the state. TrueFlip confirmed the banning on June 2, 2017.

It is to be noted that TrueFlip.io, launched only a month ago, has already got almost 50 thousand participants in its presale campaign. As per developers, the platform offers 100 percent transparency as it is based on blockchain. Since the platform is going to hold its main crowdsale on June 20th, Roskomnadzor’s moves to ban the website at this crucial moment appears alarming for the platform.

Russia has long been the state with cryptocurrency based websites and platforms blocking. A lot of cases including Bitnovosti, bitcoininfo.ru, EXMO, LocalBitcoins and BitStamlo are on board. The Russian Federal body reserves the right to ban any website without court ruling and internet service providers are liable to block the access of restrictive websites. Roskomnadzor states that TrueFlip’s banning is due to its lottery-based nature and developers must know those lottery activities are prohibited all over the state, except at a very few designated locations.

TrueFlip’s officials have responded to this explanation saying that as per law, a lottery is either commodity or monetary based winning, while cryptocurrency is neither of the two. However, Russia, being the place known for banning of websites, including adult content sites, torrent trackers and even LinkedIn and Wikipedia, TrueFlip might need to exert intense efforts to restore the platform in the state. The good news is that many projects facing the same trouble in Russia, had filed lawsuits against illicit banning and many of them have won the cases. Therefore, TrueFlip still has a chance to get back to the ground in Russia before its crowdsale.

Realizing that, TrueFlip is making efforts to fight for its right. The company’s official lawyer Dmitry Machikhin, who has long been associated with cryptocurrency based proceedings, terms this banning as a part of a well-planned plot that seeks to maintain the monopoly of Russian online lottery market. He also informed that Roskomnadzor has banned more than 200 websites in the past three years that are least resembling online raffling services.

TrueFlip’s officials are positively looking forward to the court rulings and expecting the restoration of the site as soon as possible, so as to leverage upon their upcoming crowdsale this month.

Tags: , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!