PBOC to draft package for financial market opening

According to the sources  undisclosed, Chinese PBOC is to draft package for financial market opening
19 September 2017   923

There are plenty of rumours about Chinese cryptocurrency regulations nowadays. This one is about PBOC drafting package for financial market opening, reported by bloomberg.com.

Thus, according to the article, China’s central bank is drafting a package of reforms which would give foreign investors greater access to the nation’s financial services industry.

While the details of the plan have yet to be clarified, it is believed that it may include permission for foreign institutions to control their local finance-sector joint ventures, as well as raising the current 25 percent ceiling on foreign ownership in Chinese banks. It may also allow foreign firms to provide yuan-denominated bank card clearing services.

PBOC is to hold a meeting on Tuesday to discuss the preliminary plan of big financial liberalisation measures. This is pretty big news for the cryptocurrency world, as well.

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   223

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.