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Kodak Delays ICO to Conduct KYC on its 40,000 Potential Investors
Kodak has announced the delay of its ICO. According to Fortune, Kodak is delaying their ICO to conduct due diligence on its 40,000 potential investors. Specifically, the company is ensuring that its potential investors are “accredited investors,” meaning they have a net worth of at least USD 1 million and an annual income of at least USD 200,000. The entire process is expected to take at least three weeks.
European Commission Creates Group to Facilitate Blockchain Adoption in the E.U.
To support the development and use of blockchain technology in the European Union (E.U.), the European Commission (EC) has set up the Blockchain Observatory and Forum. According to ComputerWeekly.com, the new group will “monitor blockchain developments and ensure E.U. organizations are engaged in the industry.” This group will centralize all of the E.U.’s blockchain adoption efforts and avoid duplicating goals across separate initiatives.
Russia’s Largest State Bank Opening Cryptocurrency Exchange in Switzerland
Sberbank, the largest state bank of Russia, has announced it will launch a cryptocurrency exchange in its Swiss branch, Sberbank Switzerland AG. As reported by Coin Telegraph, Sberbank chose Switzerland for the exchange location because cryptocurrency operations are currently illegal in Russia, but exchanges are legal in Switzerland. Sberbank is looking to service institutions, rather than private consumers, for its exchange service.
India’s Finance Minister Says Government Will Crack Down on Misuse of Cryptocurrencies
India’s Finance Minister, Arun Jaitley, announced that the government is planning to investigate and punish the misuse of cryptocurrencies. According to the Wall Street Journal, Jaitley claimed that the Indian government does not recognize the digital money as legal tender, nor will it in the foreseeable future. In his annual budget announcement, Jaitley said the government will “take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.”
U.K.’s Royal Mint Releases Gold-Backed Cryptocurrency, RMG
The U.K.’s Royal Mint, which produces all the physical money the U.K. has for circulation, is launching its own gold-backed cryptocurrency called Royal Mint Gold (RMG). According to Coin Telegraph, RMG is a digital representation of the gold the Royal Mint has stored in its vault.
Senate Committee Meeting with SEC and CFTC Chiefs on February 6, 2018
The Senate Committee on Banking, Housing, and Urban Affairs is meeting with the SEC’s Jay Clayton and the CFTC’s J. Christopher Giancarlo February 6, 2018 at 10AM EST in a public hearing on cryptocurrencies. As reported by CoinDesk, the hearing is called, “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission” and will be broadcast live online.