Burger King Russia – Landed in soup.
What is Whoppercoin? Russian Prosecutor’s legal Office Summoned Burger King for illegaly Issuing Cryptocurrency. The Russian chain of Burger King revealed that in August that it had issued a cryptocurrency in Russia. The token platform let users who will download their wallet so they issue their own crypto currency and used them to trade with other Waves wallet holders. An intentional decentralized exchange was built into Waves wallets which allows their tokens to be traded with other cryptocurrencies as well as cryptocurrencies.The Russian legal office has summoned Burger King to explain the matter as issuance of its cryptocurrency called Whoppercoin is illegal.
Legal proceedings are followed
Burger King is quite confident that it has not broken any laws because there is currently no regulation for cryptocurrency in Russia. A Burger King representative clarified to media – that the company got dual notifications from the prosecutor’s office first on September 13 2017and the other on September 19 2017 . With a formal invitation to the Izmaylovskoy prosecutor’s legal office on behalf of the prosecutor’s office in capital Moscow. He Mentioned that On the instructions of the Moscow Prosecutors legal Office.Indepth information was checked & verified that company issued a cryptocurrency and started making transactions with it. The initiative is planned & being run by Burger King Russia. Whoppercoins have already been issued supply of 1 billion. Further Whoppercoins can be issued if required. Customers will receive one Whoppercoin for every rouble they spend (1 USD = 59 RUB). In its notification the prosecutor’s office asked stongly to Burger King to clarify what a Whoppercoin & what kind of machenism it have. The company was also asked to provide all account statement that on what grounds conducted a huge mass issuance of Whoppercoins. Though Russian finance ministry as well as the central bank are currently working to provide a legal framework for cryptocurrencies. Nut it will take another year to come. An old partner at A2 law firm Mikhail Aleksandrov, said that in the case of Burger King, the cryptocurrency can be treated like coupons used by food retailers. “It’s more of a marketing story, not a payment story,” he described.The Burger King representative insisted that the company did not break any laws, according to Vedomosti. Nino Tsiklauri, the senior legal counsel for Burger King in Russia explained.
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