Blockchain To Provide Cash-Free Society, BOK Says

Central Bank of Korea believes that blockchain and cryptocurrency is the key to a cash-less sociaty
02 May 2018   572

The central bank of South Korea, recently announced that it can use cryptocurrencies and blockchain applications for the project "Cashless Society" that it develops. This is reported by CoinTelegraph.

Bank of Korea reported about cash-free sociaty in its report on payments for 2017. In the document, in particular, it is said that the regulator is exploring the possibilities of using blockade and crypto-currency. 

In addition, the Bank of Korea has set up an organization to study cryptocurrencies and analyze their impact on the entire financial system.

It can open the underground economy, and thus enhance equivalence in taxation. The shoe box full of 50,000 won banknotes that you see in movies will disappear in reality (with the advancement of a cashless society).

Kwak Hyun-soo

Analyst, Shinhan Investment Corp 

In 2016, South Korea spent $ 47 million to produce cash, and the main objectives of the project are customer convenience and a reduction in the cost of producing physical currency. The government also plans to use this initiative in order to make the shadow economy more open, where mostly cash flows.

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   197

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.