Israel to Issue Digital Currency

Israel intends to create a faster payments system as well as reducing the amount of cash in the economy
25 December 2017   1825

The Bank of Israel is considering issuing digital currency in order to create a faster payments system as well as reducing the amount of cash in the economy, a central bank source said on Sunday. The source added that no decision had yet been made and the Bank of Israel declined to comment on the issue.

The Israeli government has been seeking to limit the amount of cash in the economy for a few years since the black economy is estimated at some 22 % of national output.

The source said that the government was ready to legislate or include the issue in its 2019 budget and economic package if the central bank gave the green light. The source added that any digital currency introduced by the country’s central bank would be centralized, safe and abide by money laundering rules.

Recently, we have reported that Israel Securities Authority chief said that cryptocurrency companies should be banned from entering the exchange via a “back door”, or through the activities of an existing company that is already listed on the exchange until a proper regulatory process is in place for dealing with these kinds of companies.

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.