- Snoop Dogg performs at the XRP Community Night, but he fails to… even mention a word regarding the cryptocurrency
- Russian Ministry of Justice perceives Bitcoin as a property even as some say it’s nothing more than “a set of characters”
- Chinese govt-backed organization finds more 400 fake cryptocurrencies last month
What would you do if a guest you invited at the event to promote something (product, app or whatever) would not even mention your product? It sounds a bit ridiculously, doesn’t it? Anyway, it’s true when it comes to the latest event set up by the Ripple community called “XRP Community Night” which hosted a famous US rapper Snoop Dogg. At first glance, everything looks fine the company just wanted to promote its own cryptocurrency splashing cash (probably a lot) and inviting the prominent performer. However, except for his presence Snoop Dogg possibly failed to meet organisers’ expectations as he did not even mention a word regarding the cryptocurrency – Ripple. In fact, the event changed into a big party with Snoop Dogg being at the centre, spinning on his heels, drinking and smoking weed. Notice that it’s nothing uncommon that cryptocurrency companies try to promote their products inviting celebrities, and while performances of people such as Floyd Mayweather, Dennis Rodman or Paris Hilton could have been hailed as success in this case we can talk about disappointment.
Russian Ministry of Justice perceives Bitcoin as a property even as some say it’s nothing more than “a set of characters”
Many regulators, central banks and other institutions being in charge of cryptocurrency regulations and rules on which they act have been scratching their head how to approach cryptocurrencies, and what they actually are. Even as some used to say a cryptocurrency is nothing more than “a set of characters” the Russian Ministry of Finance took a much more stark attitude saying that a cryptocurrency cannot be anything else but a property, to be precise it falls under the legal category “other property”. Russian Justice minister Konovalov also noted that digital currencies should not be considered electronic money, at least at this stage.
Chinese govt-backed organization finds more 400 fake cryptocurrencies last month
According to a Chinese government-backed industry organization as much as 421 cryptocurrencies were identified as fake in April, while 60% of them had been deployed overseas. The agency underlined that “in recent years, virtual currencies represented by Bitcoin, Litecoin, Ethereum and so on have received continuous attention” pointing out that “some criminals are engaged in financial fraud or pyramid schemes under the cover of virtual currency”. The institution also singled out three joint hallmarks all fake cryptocurrencies featured. The first, they adopted “a ponzi scheme” model promising their cryptocurrencies would bring in high returns. the second, they had no real code thereby they did not have a blockchain and were unable to generate blocks for one. The last one, they were often trade on OTC exchanges not on legitimate crypto exchanges. So, beware of involving in cryptocurrencies having at leas one of the above-mentioned features.