KIF proposed to issue crypto version of won

Lee Dae-ki, senior researcher at the Korean Institute of Finance belives that "cryptowon" has many advantages 
26 December 2017   917

Senior researcher at the Korean Institute of Finance (KIF) called on the country's central bank to issue a crypto version of the currency on the blockchain. This is reported by the Korea Times.

Lee Dae-ki offers the bank a "serious thought" about releasing a tokenized version of the South Korean won. In his opinion, this will reduce costs, increase transparency and simplify the process of gaining access to financial services for citizens of the country.

Technology based on blockchain, the distributed accounting database, will show great promise in enabling central banks to improve their defenses against cyber attacks and overall the way payments are conducted between institutions and consumers.

Lee Dae-ki 

Seniour researcher, Korean Institute of Finance

According to Lee, the central bank vainly ignores this possibility, as it can help modernize the banking industry as a whole.

Regular currency or commodity regulating cryptocurrencies such as bitcoin are, in part, held back by the government's growing inability to officially name what it actually is. Some countries regard digital coins as commodity, while other places are treating them as regular money. That's why there are limits for virtual currencies to be widely used as a platform for value exchange.

Lee Dae-ki 

Seniour researcher, Korean Institute of Finance

The analyst believes that the difficulties recently encountered by traders after the ban of ICO and tightening of the requirements for exchanges are due to the fact that the crypto-currencies do not have a legal status in South Korea. 

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   166

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.