PBOC Can Change Its Opinion of Crypto

Experts believe that the new head of the People's Bank of China (PBOC) can direct the regulatory policy of the agency in a different direction
20 March 2018   615

Yi Gang, who was "unexpectedly" appointed as Governor of the People's Bank, had already spoken about Bitcoin in a positive way. This is reported by Cointelegraph.

So, in 2013 he said that the major cryptocurrency cannot be legally recognized by the PBOC in the near future. However, at the same time, he recognized the transactional potential of Bitcoin, adding that, “ordinary people have the freedom to participate.”

In addition, unlike the deputy head of the People's Bank, who said last December that Bitcoin was destined to "die" Gang said that the crypto currency would attract public attention for a long time.

According to Tommy Xie who represents China in Singapore's OCBC Bank, for several years now the new governor has made a significant contribution to the country's economic reforms.

Currently, China's policy towards the crypto-currencies remains unchanged - the country is banned ICO and any exchanges.

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   346

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.