In Pakistan, about 9 firms were shut down as they were offering Ponzi Schemes. The State Bank of Pakistan had officially banned the Ponzi Schemes.
When talking about cryptocurrency, SP Haresh Dudhat, the Economic Offence Wing Supervisor of CID Crime in Ahmedabad stated, “It is illegal to develop a cryptocurrency and ask people to invest in it. Therefore, we sealed the firm’s office” when talking about a cryptocurrency scam. Reserve Bank of India has enacted a ban similar to Pakistan. However, law enforcement is not usually in complete force all the time.
A cryptocurrency space where fear of scam and hype does not exist can happen only when reliable information which can help investors make their decisions are made available in the market.
Dr. Martin Weiss from Weiss Ratings recently made a statement where he implied, “Independent rating systems that are objective are needed to empower individual and institutional investors in a way they can cut through hype and fear— this is the key to identifying truly promising cryptocurrencies.”
Stakeholders should be able to agree upon basic facts and engage in healthy debates and work towards a common goal. Conflicts of interest in the cryptocurrency industry should be understood by every participant so that they can encourage awareness among the masses.
Paid research practices do not work as it gradually weakens the element of trust.
Meanwhile, the Russian Social Media Giant is working on plans to launch its cryptocurrency.
VKontakte (VK), is a very popular social media platform in Russia; while, the firm has not declared whether they are going to launch a digital coin or not, persons who are not related to the company have stated that plans are underway in the company to launch their cryptocurrency.
The presentation in the official website; however, stated that users would be able to get the firms token depending upon the time spent on the platform for their active time in the website and the coins that are thus earned can be used in exchange for goods, or they can be presumably converted to Fiat Currency.
There are major Red Flags reported about the cryptocurrency project to be pumped by John McAfee. Jelurida, a crypto-development firm reports that Apollo from McAfee is not so private after all.
The Tweet from John McAfee read: “One of the biggest issues with current cryptos is the blockchain bloat. Apollo is one of the only coins to solve the problem of this kind. Their release of Sharding will likely make it the most advanced coins among others on the market, and this would be one of the options viable long term.” For some unexplained reason, they believe they are the best.
