Indonesia to Study Blockchain Usage

Government policymakers also hope the technology can reduce graft in the country’s public programs
07 May 2018   735

The Government of Indonesia, a country with 250 million people on 17,000 islands, intends to introduce blockchain technology into the private and public sectors to overcome the problems associated with the managing data for everything from food output to election results to trade financing. This is reported by CCN.

According to the director of financial innovations of the Financial Services Authority of the country, Fithri Hadi, the regulator is studying the use of a blockkchain as part of the modernization of the country's financial services sector.

Representatives of the legislature also expressed the hope that this technology will help coordinate the data received within the state programs of the country from accountable departments.

For example, in assessing crop production, data is often overstated, as farm subsidies are allocated based on the indicators of the previous year and are not always easy to verify. The government is also studying the use of technology to verify information from investors in this field.

According to the Indonesian economist and statesman, managing director of the World Bank Group, Shri Mulyani Indrawati, her employees are exploring the use of blockage for microcredit programs and subsidies, and identify groups of people who need government benefits.

The country's authorities intend to cooperate with the Australian company Horizon State, which uses blockchain for transparency of the received data as a result of population polls. As part of the partnership, a blockchain application will appear on the island of Sumatra in Indonesia in July, which will allow voters to participate in joint decision-making processes on bills.

According to the banking sector's director for digital services and technology, the second-largest bank of Indonesia, Bank Mandiri, Rico Ustkhavia Frans, the financial institution is studying the use of blockchain to finance trade. Lenders are currently awaiting recommendations from regulators.

At the same time, the largest private bank of Indonesia, Bank Central Asia (BCA), has invested 200 billion rupees (about $ 15 million) in the development of a blockchain for the financial sector of the country.

Thus, using blockchain, Indonesia seeks to modernize its economy. However, according to the director of transformation technologies of the tax administration, Jana Juniardi, the introduction of this technology may take more time due to its geographical location.

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   174

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.