WeChat Shuts Down Cryptocurrency Groups On Government Orders 📰📰

The world has gone crypto crazy and China is no exception. However, the market is still highly speculative, and many people have fallen victim to crypto scams. This issue is already being addressed in the West where Twitter, Google, and Facebook have all banned crypto advertisements, specifically for initial coin offerings or ICOs. This week, China followed suit with their largest social network, WeChat.

G20 Considers Crypto As Assets, Not Currencies, According To Document Draft

A draft of a G20 document -- acquired by Bloomberg -- reads that cryptocurrencies “lack the traits of sovereign currencies,” implying that the G20 considers crypto to be an asset rather than a currency, Bloomberg writes today, March 20.

The issue of how to define cryptocurrencies is expected to be discussed this afternoon, according to Bloomberg.

What Should Be in an ICO White Paper? Expert Take

The rising popularity of Initial Coin Offerings (ICOs) — and an accompanying spate of fraud and market volatility — has prompted an overdue debate in Washington, D.C., and around the world, about the proper regulatory policies for ICOs and cryptocurrencies more generally. Some of the most common questions involve the appropriate division of authority between the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC), and whether their authority should reach deep into the heart of the cryptocurrency ecosystem, the spot market. Still, others contemplate whether or not an entirely new or alternative regulatory regime is needed for cryptocurrency and token fundraisers, not only here but also in Europe and elsewhere.

Scammers Launch Fake ICO; Steal $2M From Investors

According to CNBC, the scammers used a fake profile on LinkedIn and stole pictures from another Instagram account to create a fake person — and were then able to get more than 1,000 investors to invest in Giza, its so-called ICO project. Investors who fell victim to the ICO scam told CNBC that they thought they were investing in a real project until red flags started to arise — such as the fact that the company had a falling out with its only supplier, and a lack of communications from the founders of the startup. Investors were also unable to get back lost funds, leading to the revelation that they had been scammed.

Venezuela Picks FX Platform to Auction Petro ‘Oil-Backed Cryptocurrency’

Venezuela has chosen a platform on which to auction its “oil-backed cryptocurrency”, the petro. While the country’s National Assembly has repeatedly declared this new currency illegal, the Venezuelan government will proceed with the auction of the petro on the country’s official foreign exchange platform.

First Bank ever to integrate Crypto-Banking!!

Bank Frick, an autonomous family-run bank in Liechtenstein has made the declaration on Wednesday, Feb. 28 that they will be tolerating ventures and beginning exchanges in cryptocurrency. Noticing it is the “first” bank in the nation to do so.