Russian Ministry of Justice rules that cryptocurrencies are only property, top 5 cryptocurrency price changes, and more!
Russian Ministry of Justice Rules that Cryptocurrencies Are Only Property
In a bankruptcy case involving Bitcoin during the week of 13 May 2018, the Russian Ministry of Justice ruled that cryptocurrency is property, and it cannot be a form of money as of May 2018. However, while making that ruling, Russia’s government was still considering two draft laws that would define and govern cryptocurrencies and token sales within the country. While the Ministry of Justice believes it is too early to consider cryptocurrencies as a form of money, Russia’s Justice Minister, Alexander Konovalov, suggested that the Russian government should introduce strict regulations over cryptocurrencies as the industry evolves. However, he also acknowledged that the creation of cryptocurrencies is a “manifestation of the people’s desire to escape from total dependence.”
Parity Closes Platform Due to Inability to Comply With E.U.’s GDPR “Right To Be Forgotten”
Parity, the wallet and blockchain provider, has announced it is closing its PICOPS platform on May 24, 2018. According to the Bitcoinist, the company cited complications stemming from the new EU GDPR guidelines. Specifically, Parity’s platform, which allowed KYC and AML compliance for ICOs by validating the owner of an Ethereum address, violated the GDPR’s guaranteed right for individuals to have their data deleted upon request.
New Decentralized Gaming Applications Increase Gas Prices on the Ethereum Network
Over the past week, the rising popularity of decentralized gaming applications such as Ether Shrimp Farm, Ether Cartel, and Pepe Farm have caused an increase in gas prices on the Ethereum network. According to Bitcoin.com, these games have not caused the same amount of congestion as CryptoKitties did in late-2017. Earlier in the same week, Fedex announced plans to build a logistics tool on the Ethereum network.