OneCoin Promoters Fined €2.6 Million By Italian Consumer Watchdog
A consumer rights watchdog in Italy is fining a group of companies that have promoted OneCoin, the digital currency investment scheme widely believed to be fraudulent. The 2.59 million euro fine was passed down by the Italian Antitrust Authority (IAA). It comes months after the group moved to suspend the operations of several OneCoin-affiliated companies in Italy. The companies were sanctioned for utilizing pyramid scheme tactics and misleading investors through promotional materials and events. The IAA said in a statement:
"OneCoin's dissemination took place through a pyramid sales system as recruitment of new consumers was the sole purpose of sales activity and was strongly encouraged by the recognition of various bonuses, the only real and effective remuneration of the program. The purchase of the training kit in fact concealed the entry fee required to enter the system and convince other consumers of the goodness of the product."
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Twitter CEO Jack Dorsey Claims That Bitcoin And Blockchain Technology Are The ‘Next Big Unlock’
Jack Dorsey, CEO of both Square and Twitter, has claimed that Blockchain technology and Bitcoin are the “next big unlock.” He added that the term is usually applied to accounting but has the capability to “be applied to so much more.”
Dorsey claimed that Blockchain’s ability to decentralize financial transactions makes it a game-changer, although he also cautioned against using Blockchain in a one-size-fits-all approach:
“I think there are going to be a bunch of people who say, ‘Blockchain, let’s go apply it everywhere’ and ‘Let’s try to solve every single problem with it. In the same way that we try to solve every problem with machine learning and data science and deep learning and artificial intelligence. And I think we need to be more thoughtful. What are people struggling with? How does the technology help them progress or does it distract them?”
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National Bank of Ukraine Considers Regulating Digital Currencies
Despite its previous plans to go cashless, Ukraine’s Central Bank has hinted that it may begin regulating the use of cryptocurrencies in the country. According to the central bank, legal issues will be tackled at the scheduled Financial Stability Board of Ukraine meeting in late August 2017. It claimed that the topic is an important one due to the different approaches taken by other countries in defining the digital currencies.
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