The US Court ordered Telegram to pay a civil penalty of $18.5 million to the SEC within the next 30 days for violating the securities laws for conducting illegal Initial Coin Offering. The US court also ordered the disgorgement of the $1.7 billion that was raised in the ICO in 2018, asking Telegram to return 72% of the ICO amount as agreed in the ICO contract in the case the project is not launched. Telegram had reported that the US investors would receive 72% of their investment back, and the non-US investors have the option to defer their payment for one year and receive 110% of their funds back. Earlier, Telegram had decided to not go ahead with its blockchain project TON after a legal battle with the SEC for over six months. The US court reasoned that if TON is allowed to distribute tokens outside the US even then the US citizen would be able to access Telegram’s cryptocurrency and that is why it ruled that the company can not issue its token even outside the USA.
VENEZUELA TEMPORARILY ALLOWS FOREIGN PASSPORTS APPLICANTS TO PAY WITH BITCOIN
Venezuelan’s passport agency temporarily allowed passport applicants to pay using bitcoin this week. The option was seen on SAIME, Venezuela’s Administrative Service for Identification, Migration and Foreigners. A twitter user revealed the feature by posting screenshots of the webpage of passport agency showing that they are accepting bitcoin. The bitcoin payments were accepted through the payment processor BTCPay Server. According to reports, confirmation of Bitcoin payments took approximately eight minutes. Bitcoin payments were seemingly removed just hours after their introduction, according to user reports.Some users also suggested that the option was never available to Venezuelan users, only to foreign users who were applying for passports externally. Venezuela has become a cryptocurrency hotspot due to the fact that hyperinflation has affected the country’s national currency, the Venezuelan bolivar. Venezuela’s state-backed cryptocurrency, the Petro, is also vying for attention against mainstream cryptocurrencies.
SBI Ripple Asia are conducting trial and pilot projects in Asia for Ripple’s On-Demand Liquidity.The CEO of the SBI Ripple Asia, Adam Traidman In an interview on the YouTube channel Thinking Crypto, Adam Traidman said that Ripple has started to roll out its On-Demand Liquidity (ODL) solution in Asia. According to the CEO, SBI Ripple Asia has started “limited trial and pilot projects” with various companies for the company’s payment corridor, with greater expansion forecast for the next year. He added that Ripple’s technology is great in Asian and South American countries as costs for cross-border payments are higher there. Ripple’s ODL service is used for cross-border payments as it helps reduce the cost and time of transfers that usually take more than one business day to settle. The CEO noted that this eliminates the possibility of currency fluctuations and pre-funding requirements in cross-border transfers. As a reminder, Ripple is facing several lawsuits over its native toke XRP. Several investors have claimed that the Ripple Labs sold them unregistered security. However, Ripple has claimed that XRP is not a security.