Japan to launch a J-Coin cryptocurrency

The Japanese banks consortium headed by Mizuho Financial Group and Japan Post Bank plans to launch a national digital currency
26 September 2017   2272

The Japanese banks consortium headed by Mizuho Financial Group and Japan Post Bank plans to launch a national digital currency, as reported by ft.com.

The Japanese authorities and the central bank are claimed to support the project aimed at developing a solution that will allow citizens to pay for goods and services using smartphones. It is expected that a new crypt currency called J-Coin will be released before the start of the Summer Olympic Games 2020 in Tokyo.

Thus, as reported, 70% of all payments in Japan are made in cash. For banks and government, such dependence entails additional costs, e.g. financial institutions are forced to bear the extra costs associated with transportation, collection and audit of large amounts of cash. 

I think this electronic money is quite ahead of [credit and debit] cards, because when you use the cards the shops pay a certain fee.
 

Yasuhiro Sato
Mizuho Financial Group president and chief executive officer 

The consortium of banks has calculated that, thanks to the new cryptocurrency, Japan's economy will be able to receive at least 10 billion yen ($90 million) additionally. In this case, the rate of the digital currency J-Coin will be tightly tied to the rate of the Japanese yen in the ratio of 1: 1.

It's also worth mentioning, that a bit earlier the Japanese Mizuho Financial Group has also teamed up with tech conglomerate Hitachi in order to use blockchain platform for supply chain management.

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.