BTC doesn't suit Indian Central Bank, but Fiat does

Indian Central Bank looks at Fiat cryptocurrency as a replacement for Rupee
13 September 2017   1341

India's Central Bank, The Reserve Bank of India (RBI), argued that blockchain tech could provide the necessary basis for the digitization of the rupee in January. 

Now, according to indiatimes.com, RBI executive director Sudarshan Sen has indicated that this work is still in progress. However, the man highlighted that India is not interested in Bitcoin.

As regards non-fiat cryptocurrencies, I think we are not comfortable. Bitcoins for example. That's a private cryptocurrency. 
 

Sudarshan Sen
RBI executive director

Thus, the fiat cryptocurrency is to be issued by the Reserve Bank of India in place of the physical one.

Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely.
 

Sudarshan Sen
RBI executive director

It is also worth mentioning that the RBI has been repeatedly raising concerns on virtual currencies like Bitcoin, claiming that they pose potential financial, legal, customer protection and security-related risks. 

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   410

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.