Roundup 12/09/2018 – IMF nudges Marshall Islands, ICO treated as security by US judge

IMF nudges Marshall Islands into dropping its national crypto project

The IMF is currently probably the biggest international opposer to cryptocurrencies. Representatives of the IMF like Dong He and Agustín Carstens speak out against cryptocurrencies regularly. The Marshall Islands although situated between Hawaii and the Philippines uses the US-Dollar. The IMF warned the Marshall Islands that revenues by its own cryptocurrencies will likely not outweigh the disadvantages. However, the government of the Marshall Islands has not yet responded to the statements of the IMF.

US district judge rules ICO scam as covered by securities laws

The case of the scam coin REcoin was ruled by a Brooklyn district judge according to existing securities laws. Maksim Zaslavskiy the founder and promoter of the scam coin tricked people into investing $300,000 in the scam. He promoted REcoin as an investment backed by real estate and diamonds. However, the coin was backed by nothing. Zaslavsky argued that law is relatively vague regarding investments in cryptocurrencies. The judge Raymond Dearie answered that the investment required an “investment contract” which makes the investment a “security” covered by the law. Dearie’s decision is not yet final and a jury has the last word in this matter. However, the case will likely serve as a precedent for similar cases.

Russian central bank conducted sandbox ICO with success

The Russian central bank cooperated with Sberbank, Russia’s largest retail bank. The Bank of Russia already conducted the test ICO in May this year. However, details about made it to the public only today at the Eastern Economic Forum in Vladivostok. Ivan Semagin, a representative of the Bank of Russia, announced that everything went well from a technical perspective. But according to him, there is a lot of regulatory work necessary to conduct a real ICO. Originally, the Bank of Russia stated that the Russian crypto market is interesting.

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