BATTLEFORWORLD – March 3, 2018: And the cryptocurrency investment scheme madness continues. There are going to be abuses and this is what is going to ignite the call for serious regulation of cryptocurrencies.
SPUTNIKNEWS – March 3, 2018: KaratBank, a company based in Singapore, has just announced the launch of KaratBank Coins (KBC), a new cryptocurrency it said is tied to gold. But not simply the price of gold, like other currencies — to actual pieces of gold: they’re embedded in plastic cards or bank notes. At least, that’s how it appears on first sight.
“The KaratBank Coin is designed to be used as a generally accepted electronic payment means for all who consider gold as a traditional, true, secure and value-stable medium,” the company’s whitepaper reads.
“United States of America citizens, residents (tax or otherwise) or green card holders as well as residents of Canada, the People’s Republic of China or the Republic of Singapore are not eligible to participate in the KaratBank ICO.”
ICOs are not illegal in the US or Canada. In the US, though, ICOs are typically considered securities and require registration with the [Securities and Exchange Commission],” the website reads. “Singapore hasn’t banned ICOs but it is one of the countries KaratBars International operates in through the shell companies KaratPay and KaratBars Singapore. Singapore regulators shutting those companies down would cripple KaratBars International. Management probably figure it’s best not to take any chances.”
“A legitimate ICO doesn’t have annual membership fees, further differentiating KaratBank Coin from a legitimate cryptocurrency,” the website warns.
“The KaratBank Coin is a speculative coin. Although the proceeds from the sale of the KaratBank Coin shall mainly be used for the purchase of CashGold, the KaratBank Coin is not pegged to the purchased CashGold.”
“The whole CashGold voucher exchange thing exists for no other reason than to create the illusion that KBC has something to do with the value of gold,” BehinMLM.com reads.