S. Korean Capital to Launch Own Crypto

S-Coin will be used in city-funded social benefits programs
03 April 2018   604

Mayor of the capital of South Korea Park Won-soon announced plans to create a crypto currency called S-Coin, which will be used in urban social assistance programs. In addition, a special fund will be organized in Seoul to support the development of blockchain technologies and related start-ups, CoinDesk reports.

As Seoul is the world's leading city in the field of information and communications, including the Fourth Industrial Revolution, I think we should study new technologies such as blockchains. Blockchain can be applied to all bureaucratic administrations in Seoul, such as the public transport system system operated by Seoul City and the provision of youth allowance.
 

Park Won-soon

Mayor, Seoul

Won-soon also noted that S-Coin will be used as a method in urban social security programs for civil servants, young applicants and citizens who help the environment by saving energy, water and gas.

In order to make an S-Coin, we need to prepare institutional and legal support such as bylaws. I've met blockchain companies, and I think our companies are not seeing the light because of the various regulations. Actually, [the] technology is as advanced as any other country. By creating clusters that will allow blockchain companies to build up, and startups to develop new technologies, we are working to develop and spread blockchain technology around the world.
 

Park Won-soon

Mayor, Seoul

At the end of last year, the "daughter" of the South Korean electronic giant Samsung SDS announced the development of a blockchain-platform for the public sector of Seoul.

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   410

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.