Iran to Plan National Crypto as US Sanctions Loom

According to official, the tokenized analog of the Iranian rial will help strengthen the rate of the national currency
26 July 2018   895

The Department of Science and Technology under the Iranian government plans to develop a national cryptocurrency. CoinDesk reports that the project will be implemented in cooperation with the central bank of the country and will be a response to US sanctions that will take effect next month.

We are trying to prepare the grounds to use a domestic digital currency in the country.

lireza Daliri

Deputy head in charge of investment affairs, The Department of Science and Technology

According to Daliri, the tokenized analog of the Iranian rial will help strengthen the rate of the national currency, stimulate the growth of domestic and external payments, and, in general, help the country circumvent US sanctions.

Also, according to the official, during the next three months the department will be engaged in the integration of blockchain technologies into the infrastructure of the central bank. In this case, the internal crypto currency will be used primarily for settlements with local commercial banks.

Official position of the Iranian government on the cryptocurrency is very strict. So, since May of this year, Iranian users of exchanges and have problems with access.

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   213

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.