Switzerland Seeks Study into State-backed Cryptocurrency
The Swiss government has requested a study into the potential benefits and drawbacks of the so-called “e-franc”, the country’s state-backed cryptocurrency. The Swiss parliament’s lower house must now come to a decision as to whether it will back the request. If the proposal is approved, the Swiss finance ministry will produce a study, although it is unclear if a timeline has been set for its release.
President of Kazakhstan Сalls For Creating Common Rules For Use Of Cryptocurrency
President of Kazakhstan Nursultan Nazarbayev considers it necessary to create rules for regulation and the use of cryptocurrencies for all countries. He stated this at the Astana Economic Forum 2018. Nursultan Nazarbayev noted that most countries are now actively studying the possibility of using cryptocurrencies and its adaptation to the existing financial system. "At the same time, we see completely separate actions of states in this issue. And these disparate actions will lead to inefficiency.It is necessary to start developing common rules," - he said.
19% Of All ICOs Can Be Scams
The Wall Street Journal experts examined 1,450 Initial Coin Offerings and concluded that 18.6% of them (or 271 projects) raise suspicions of fraud. All of them hiding or providing fake information about the issuing company’s location and leadership to secrecy about finances and even plagiarized whitepapers. The amount of damage could exceed $1 billion.
South Korea Will Soften Its Crypto Regulations
The Financial Supervisory Service (FSS) of South Korea will listen to the position of the G20 concerning the issue of regulating cryptocurrency and can recognize them as financial assets. Previously, countries classified digital money as non-financial assets due to their speculative nature. It is expected that these changes will take effect in July of this year.
Reddit Of The Day
One of the most talked about topics of the day on Reddit was the news that the cryptominers trolled Warren Buffett for his criticism of bitcoin.
The founder of the mining company Genesis Mining installed billboards opposite the office of the billionaire investor in Omaha. Billboard says: "Warren: you said you were wrong about Google and Amazon. Maybe you're wrong about Bitcoin?”
Some new billboards outside of Warren Buffetts office! :)
— Marco Krohn (@mkrohn5) May 16, 2018
#GenesisMining #Bitcoin #BitcoinAwareness pic.twitter.com/MxuKLwRS8L
Total cryptocurrency market capitalization stands at $375 866 198 633
By Ekaterina Ulyanova