Nishiawakura to Launch First Municepal ICO in Japan

Officials studied the possibility to strengthen the economy of the village thru the ICO since November 2017
19 June 2018   1167

The authorities of the Japanese village of Nishyavakura from Okayama prefecture announced the start of the initial coin offering (ICO). Officials studied the possibility to strengthen the economy of the village thru the ICO since November 2017. This is reported by Bitcoin.com.

With the help of the ICO and its own crypto currency, the authorities hope to get money for "a sustainable regional economy in the future, providing the municipal authorities with new financial resources and developing the region with the help of starting investments."

1500 people lives in village, and 95% of area are occupied by woods. In the early 2000s, when all the municipalities of the country joined the city's districts, Nishyavakura managed to remain an economically independent village and since then the authorities have been seeking funds for its development.

In order to promote the creation of a sustainable region in the future, as a means for small local governments to secure new financing resources and to build up regions through upfront investment, tokens issuance, and the creation of virtual currencies, we will introduce fundraising through an ICO for the first time as a municipality in Japan.
 

Nishyavakura Statement

The local economy association will issue tokens called Nishiawakura Coin (NAC). The owners of coins will have the right to vote, which will allow them to participate in decision-making regarding enterprises in the village.

CEO AriseBank Admitted to Fraud

Now Jared Rice faces up to 120 years in prison, however, confession may reduce this period to 20 years
22 March 2019   150

AriseBank CEO Jared Rice confessed to deceiving investors for $ 4.2 million in cryptocurrency. The plea agreement filed in the federal court of Dallas, Dallas News кузщкеы.

According to the document, Rice promised investors a "guaranteed return" of up to 20% of the invested funds, as well as opening bank accounts insured by the Federal Deposit Insurance Corporation and Visa-related debit and credit cards, although he did not have agreements with these companies.

The $ 4.2 million received from the ICO Rice spent on his girlfriend, lawyers, as well as on hotels, food and trips by Uber.

It is noteworthy that Jared Rice’s plea for cryptocurrency fraud was one of the first of its kind in the United States.

Now Rice faces up to 120 years in prison. However, confession may reduce this period to 20 years. Also, the organizer of the scheme will have to pay damages to deceived investors.

The final verdict on the case will be delivered on July 11.

Jared Rice was arrested in November 2018 on charges of fraud with unregistered securities and fraud using electronic means of communication. In December, the US Securities and Exchange Commission (SEC) obliged him and Stanley Ford, co-founder of AriseBank, to pay about $ 2.7 million as part of the settlement of the charges.