Cryptocurrency Promising Lot of Things To Gamers – Ukraine to Legalize Cryptocurrency

By Maheen Hernandez October 2, 2019 Off
Ukraine cryptocurrency

Jon Barry Thompson, Director of Bitcoin Escrow Service at Volantis Market might have to be in prison for several years if found to be guilty of cryptocurrency-related fraud.

Jon Barry Thompson took more than $7 million from two companies by making false claims related to Bitcoin Escrow transactions.

Geoffrey S. Berman, the Manhattan-based Attorney, stated, “As alleged, Jon Barry Thompson repeatedly lied to investors in cryptocurrencies about the safety of their investments made through his companies. As a result of Thompson’s lies, investors lost millions of dollars.”

Thompson claimed that since Volantis is the custodian of assets for both sides, there might not be a risk and also that the company minimized the settlement default risk. Thomson is now accused of two counts of commodities fraud.

One of the cryptocurrency companies is all set to pay $24 million to resolve allegations from the US SEC about the company has violated the Federal Investor Protection Laws. This is one of the most significant fines ever since the SEC began to crack down on the ICOs. registered in the Cayman Islands stated, “We are excited to resolve these discussions with the SEC and are committed to ongoing collaboration with regulators and policymakers as the world continues to develop more clarity around compliance frameworks for digital assets.”

Although so many things happening around many of the investors are betting on the future of cryptocurrencies. Games as services have led to an outburst of microtransactions.

It was recently stated that “Rather than relying on external transaction mechanisms, developers can implement cryptocurrencies in their games thereby internalizing the procedure.” Further stating, “Transferring currencies between games will evolve to transferring items. Sooner or later, there will be a whole mini-economy on your hands.”

Despite the cryptocurrency promising lot of things to gamers, there are a lot of hurdles before it can achieve widespread acceptance.

The Ukrainian government is planning to legalize cryptocurrency.

Alexander Bornyakov, Incoming Digital Transformation Deputy Minister, stated, Mikhail Fedorov, the minister would authorize the legalization. He further noted that though cryptocurrency is not illegal in Ukraine, legalizing it would only benefit the Ukraine government by way of due taxation.

This move is coming at a point in time when Ukraine’s Digital Transformation ministry is working with the government to make interactions with a government like ordering in Uber, Booking, or Airbnb.

While plans about cryptocurrencies are underway, Ukraine will transfer the public registries and documents to a public distributed ledger which is managed by the government.