Iran to Draft Cryptocurrency Document

Local officials believe that national cryptocurrency can serve as a tool for circumvention of US sanctions
27 August 2018   777

The National Center for Cyberspace of Iran reported on the completion of the bill on the national crypto currency, the Financial Tribune reports.

The draft of the national cryptocurrency was developed in accordance with the instructions of the Iranian President Hasan Ruhani. According to the deputy head of the local Council for Cyberspace, Said Mahdiyyin, his department actively promotes the idea of ​​a national cryptocurrency, which can serve as a tool for circumvention of US sanctions.

Mahdiyyun also noted that the authorities of the country will soon eliminate legal uncertainty in the sphere of cryptocurrencies, since the Central Bank of Iran intends in September this year to clarify the official position on this issue.

At present, Iranian banks and other credit institutions are prohibited from carrying out operations with cryptocurrencies due to concerns of local authorities regarding the risks of money laundering.

Earlier this month, Accenture, a consulting company, published a report stating that the groups supported by the Iranian government and local criminal elements are engaged in the distribution of cryptocurrency ransomware on a global scale.

Old Korean Social Network to Close After Tokensale

Cyworld platform started operating back in 1999 and it conducted an IEO at CoinZest this year
14 October 2019   49

Investors who acquired the clink cryptocurrency issued by the South Korean social network Cyworld are worried about the status of their investments due to the company's sudden closure, reports Korea Times. Some of them are ready to go to court.

The Cyworld platform was launched in 1999 and was especially popular among the country's population until the mid-2000s. The company, however, failed to see the trend towards the development of mobile solutions on time and as a result lost its position in the market. On October 1, it closed her platform without posting any warnings to users.

At the same time, the Clink site was unavailable, and Cyworld management continues to ignore the numerous requests of investors. The Korean exchanges CoinZest and BitSonic, where Clink is still being traded, are considering delisting the asset. Industry officials say Clink's investor losses will be at least 1 billion won ($ 845,000).

Clink's primary distribution was through IEO through the CoinZest platform earlier this year and, according to the Korea Times, it was the company's attempt to bring a fading social network back to life. A total of 24 million Clink tokens were sold for a total of 480 million won ($ 400,000).

In the second half of 2019, employees who have not received salaries since the end of 2018 began to leave the company en masse. Since the start of trading, the Clink price has fallen from 26 won to 0.19 won. According to the Coingecko portal, Clink's current capitalization and revolving volume are unknown, while the marginal issue volume is 10 billion units.