AriseBank former CEO sentenced to prison for crypto scam

Web DeskWeb Editor

27th Aug, 2021. 10:58 am
Digital dollar

Jared Rice, inventor of AriseCoin and former CEO of AriseBank touted as the world’s first decentralised banking platform, was sentenced to five years in prison for his role in a scam that deprived investors of $4.25 million, Arab News reported.

Hundreds of investors spent a total of $4.25 million in fiat currencies and crypto-currencies such as bitcoin (1.93 per cent) and ether (1.74 per cent) to purchase AriseCoin. Under the decision, Rice must pay this amount as compensation.

The Securities and Exchange Board of India has announced its intention to roll out the Securities Control and Covenant System for Non-Convertible Bonds by April 1, 2022.

It appears to be an important step for the blockchain use case within India’s financial ecosystem and follows other major institutions in leveraging the technology to increase the efficiency of systems.

Microsoft on Thursday received a US patent for software that could help the users develop blockchain applications by making it easier and more efficient to create crypto tokens.

Microsoft’s patent describes a ledger-independent system to help the users create and manage tokens across different networks.

The system also provides a common interface for managing tokens, so the developers don’t have to worry about a token specific to interact with them.

While Citigroup is awaiting regulatory approval to begin offering Bitcoin futures trading to its clients. As Citigroup said, “We are currently looking at products such as futures contracts for some of our institutional clients, as these products operate under strong regulatory frameworks.”

“Our customers are increasingly interested in this area, and we are monitoring these developments,” the Citigroup was quoted, as saying, by the news agency.

“Given the many questions about regulatory frameworks, supervisory expectations, and other factors, we are carefully considering our approach.”

Meanwhile, Bitcoin, the leading crypto-currency in trading internationally, traded lower on Thursday, falling 1.19 per cent to $46,965.32 at 5:33pm Riyadh time.

Ether, the second most traded crypto-currency, traded at $3,098.12, down 1 per cent, according to the data from CoinDesk.

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