Creator of OneCoin, under Russian protection
According to statements made by his brother in the trial, OneCoin creator Ruja Ignatov may be in Russia. Currently, Konstantin Ignatov is under arrest in the United States and is working with the authorities.
The OneCoin pyramid scheme is the subject of a trial in which the defendant is Mark Scott. Prosecutors claim that Scott, a US lawyer, helped Ignatov steal over $ 400 million from the OneCoin scam. In total, it is estimated that the damage caused by the project amounts to $ 4 billion.
Konstantin Ignatov said that after his sister ran away, the security personnel who accompanied her reported that she met Russian-speaking people. Also, Ruja Ignatov would have informed his brother that he has the support and protection of a “rich and powerful” Russian.
The cannabis industry uses blockchain technology
One of the industries that has enthusiastically adopted blockchain technology is that of cannabis distribution. The main advantage is the introduction of transparency and regulation, which is essential for a product that is still controversial.
Both financial and government institutions will be able to track the actual source of the raw material used by cannabis companies.
Quality control is another vital consideration. In such a product, quality is essential, and through the use of blockchain, customers and businesses using suppliers will have all the necessary information.
Numerous projects using blockchain to monitor the supply chain in the cannabis industry have already been launched: DMG blockchain in Canada, Nezly and Budbo. Other projects want to introduce cryptocurrencies as a payment method: ParagonCoin, GrowPayment token, PotCoin, HempCoin and others.
“Operations can be simplified while costs can be controlled, and by adding transparency, the waiting time required for authentication and regulation can be extremely reduced,”
summarized Brigid LeBlanc, technology blogger at Australia2write and NextCoursework.
Italy presents the Made in Italy project
The Italian Ministry of Economic Development has developed a blockchain project dedicated to the textile industry in collaboration with IBM. Started in March, the Made in Italy project aims to verify the strengths and critical points of the application of the blockchain for the sectors of the Italian textile industry.
“By using blockchain we develop a specific project to promote Made in Italy. The pilot project “Blockchain for textile traceability” is possible due to the involvement of small and medium-sized enterprises in the sector and IBM’s technology partner. The project will result in the launch of a “proof-of-concept” document available to all companies wishing to implement the technology. We will soon apply the same model for agri-food products ”,
Minister Stefano Patuanelli said.
The results of the pilot will be presented on November 14 at the Technologies Show organized by the Ministry of Economic Development.
Tencent is developing a blockchain-based virtual bank
Chinese internet giant Tencent has announced it will develop a blockchain-based virtual bank.
At the World Blockchain Summit in Wuzhen, Tencent representative confirmed that the project has been licensed by the Hong Kong Securities and Futures Commission (SFC).
The company will create a team to develop a banking platform based on blockchain technology, according to Chinese news agency Sina Finance.
To date, SFC has so far granted virtual banking licenses to 12 entities. The Commission released details on its new licensing system for regulating transactions with virtual assets on Wednesday. The regulatory framework is similar to that of securities brokers.