Bank of China to See Crypto as Risk to Yuan

PBoC said cryptocurrencies will be one of its top priorities this year, in an effort to protect the national currency
29 March 2018   603

The People's Bank of China said that working with crypto-currencies is one of the priorities of the department for the current year as part of its policy to protect the national currency.

The People's Bank of China held a conference this Thursday, which discussed the development of the country's monetary system.

Although the vice-governor of the PBoC, Fan Yifei, positively comments on the bank's success in researching and developing its own digital currency, at the same time he calls crypto-currencies one of the three biggest risks to the integrity of the yuan.

To implement its policy in this area, the PBoC intends to strengthen the regulatory requirements for representatives of the cryptocurrency industry both inside and outside the country.

Although Yafei did not name specific measures that his department is going to undertake, the corresponding decision fits into the broader program of China to combat financial products that could shake the country's financial stability.

It agrees with the comments of the previous head of the PBoC, Zhou Xiaochuan, who in early March criticized the market speculation using the crypto-currency and the risks they bear for China.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   234

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.