US Regulator Warns on Crypto Retirement Fraud

Consumers should be wary of cryptocurrency retirement accounts claiming to be approved by the Internal Revenue Service, CFTC said
06 February 2018   145

The Commodity Futures Trading Commission (CFTC) released a new circular dated Feb. 2, stating consumers should be wary of cryptocurrency retirement accounts claiming to be approved by the Internal Revenue Service. CFTC is warning investors to be cautious of sales pitches touting “IRS approved” or “IRA approved” virtual currency retirement accounts.

Taxpayers tend to focus on retirement savings more at tax time in order to increase deductions or maximize savings. As a result, some businesses may attempt to lure customers into buying highly volatile cryptocurrencies using false claims or by painting virtual currencies as less risky because they can be used for retirement saving.

 

CFTC statement

CFTC also said that custodians and trustees of self-directed IRAs may have limited duties to investors and generally will not evaluate the quality or legitimacy of an investment or its promoters.

We have recently reported that the Senate Banking Committee will hold a hearing entitled “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission” examining the implications of cryptocurrency.

Swansea Hosts Blockchain and Distributed Energy Conference

The BEW'18, which will be held on February 19, 2018 in Swansea, UK, is a must-attend for people who are interested in the cutting edge of blockchain
19 February 2018   243

The Blockchain Energy Wales'18 Conference will be held on February 19, 2018 in Swansea, United Kingdom.

The conference will introduce Klenergy and their Pylon Network, which is a decentralised energy exchange platform powered by renewable energy. The BEW'18 is a must-attend for people who are interested in the cutting edge of blockchain, distributed energy, peer2peer and smart technology.

BEW conference location swanseaBEW'18 Exact Location

Location: TechHub Swansea, 221 Stryd Fawr, Swansea SA1 1NW, UK
Time: from 9AM to 1.30PM

The headline speakers include Paul Harwood, Basicincome supporter and advocate, and David Clubb, director of RUKCymru and head of digital RenewableUK.

The agenda of the conference is as follows: Blockchain technology and its application in the energy sector, future of blockchain wallet systems, buildings as power stations, building the open-source co-operation protocol for the energy sector, and more.