ATC Coin decline connected with criminal breach

 ATC Coin turns out to be a financial pyramid
18 October 2017   1063

ATC Coin which currently has a market cap of $5 820 940 dropped 36.39% during past 7 days.

ATC coin dynamics charts
ATC Coin Charts

This notable decrease might be linked to accusations laid last week against Subhashchand Jewria, a founder of cryptocurrency known as ATC Coin. The Mumbai Police's Economic Offence Wing found out that this cryptocurrency project was an investment scheme based on a pyramid structure and coins didn't have any value outside of the ATC Coin platform.

Subhashchand Jewria worked on the project alongside with his brother, Chirag Jewria, and both of them were charged with misappropriating investor funds. The EOW’s investigation detected that Jewria earned $12.9 million USD from investments made through his pyramid scheme disguised as a cryptocoin and transferred that money to all of his 28 personal bank accounts.

It a classic case of fraud committed by floating a multi-level marketing scheme and luring investors with high returns and enviable rewards like sponsoring a foreign vacation or gifting high-end cars and also the claim that after completion of a lock-in period of 18 months, the cryptocurrency could be used for online shopping.
 

The Economic Offences Wing of the Mumbai Police

Jewria and his brother were accused of deceit, criminal breach of trust and criminal conspiracy in accordance with the Indian Penal Code. Law enforcement officers of Mumbai seized all their bank accounts and restored millions of rupees, which they hope to return to investors.

Member of British Parliament Wants to Payl Tax in BTC

MP  comments were made shortly after the Ohio government allowed companies registered in this state to pay bitcoin taxes
11 December 2018   4

Eddie Hughes, a member of the UK Conservative Party, said that the state should make it possible to use Bitcoin when paying taxes and utilities. It is reported by The Daily Express.

Eddie Hughes, who represents North Walsall in parliament, calls himself a "crypto-enthusiast with amateur knowledge." According to him, the blockchain technology attracts a lot of attention, and therefore members of parliament "must understand it."

Eddie Hughes also said that he recently met with representatives of the Royal Society for Water Rescue, which accepts donations in cryptocurrencies, after which he came to the idea of ​​making it possible to use Bitcoin when paying municipal taxes and utilities.

It just feels like it gets talked about a lot, wherever you go in the UK, and as MPs we have a duty to understand it. 
 

Eddie Hughes

MP

Hughes comments were made shortly after the Ohio government allowed companies registered in this state to pay bitcoin taxes, which he also reminded in his interview within the publication.