![]() ![]() Like, literally, if a sheriff in Moffat County is trying to track down a brand and it's Sunday, they probably will have a hard time getting ahold of somebody at the Colorado Department of Agriculture, and it literally involves somebody’s time on both ends. It's just an opportunity to increase efficiency, reduce costs. A distributed ledger method is one that can reduce transaction costs, improve security, and empower people with the information they need when they need it-including law enforcement, who would no longer have to check with somebody at the Colorado Department of Agriculture but would have access to what they needed when they needed it, and nothing more, nothing less.īut but what's wrong with the state being in control of this database of brands? Couldn't you just make that public? But nevertheless, it's centralized, and this is an example of a record-keeping application that lends itself to ledgerization with a distributed ledger with tracking info, with recording access and transactions. Now, yes, it's stored on a computer hard drive. Until a few decades ago, it was literally a book, a ledger. And he discussed a project that aims to move the state’s cattle-brand system onto the blockchain.Ĭurrently, it's done through a centralized database. Polis also plugged Colorado’s co-op statutes, which, he said, make the state particularly hospitable to “decentralized autonomous organizations,” or DAOs, a form of blockchain-based co-op. “We see it as a critical part of Colorado’s overall innovation ecosystem.” To that end, Polis announced, the state will soon become the first to let residents pay state income tax and other fees using cryptocurrency, although the money will be converted into good old US dollars before it lands in the treasury. “Most people don’t trust either big corporations or big government, and that’s what blockchain allows us to solve for,” he declared to the applause of the ETHDenver crowd. Polis, a libertarian-leaning Democrat who made a fortune as an internet entrepreneur in the 1990s, has high hopes for blockchain technology. That’s because he came bearing good news for the crypto faithful. And yet Colorado governor Jared Polis received a warm welcome when he appeared onstage at last week’s ETHDenver conference to present his vision for making Colorado the “first digital state.” They are scheduled to appear in Denver District Court next week.Crypto enthusiasts and government officials are not natural allies, at least outside Miami. In the criminal complaint, Colorado prosecutors have asked for preliminary and injunctive relief, damages for investors and for a constructive trust to be placed on the Relagados' property. The BBC has reached out to the Regalados for comment. Many viewers left words of encouragement in the comments on the video, including "prayers going up" and "hang in there, stay strong". "But out of that $1.3m, half of it went to the IRS and $200,000 went to a home remodel that the Lord told us to do," he said. On the allegation that Mr Relagado and his wife received $1.3m, the pastor said that was true. Things went down hill, and from that point forward, we've just been waiting on the Lord literally for a miracle." "The reason that is saying that it's worthless is because there is no exit for people who have bought," he said, acknowledging that the cryptocurrency investors who have tried to withdraw funds have been unable to. Mr Relagado addressed the allegations in a video statement released on Friday. She said her department was tipped off after multiple complaints by people who had invested in INDXcoin and had lost money. This included a Range Rover, luxury handbags, jewellery, boat rentals and snowmobile adventures, according to officials.Ĭolorado Securities Commissioner Tung Chan has filed civil fraud charges for violations of anti-fraud protections under the Colorado Securities Act. "In reality, the INDXcoin was illiquid and practically worthless" and the couple used the funds for "their lavish lifestyle". "Despite that report, the Regalados allegedly continued to promote the INDXcoin as a low-risk, high-profit investment," it said. ![]() The couple "had no experience in cryptocurrency", the complaint said, and a third-party auditor found INDXcoin to be "unsafe, unsecure and riddled with technical problems". INDXcoin was offered to Denver-area Christians through the Kingdom Wealth Exchange, an online cryptocurrency exchange owned and operated by the Regalados. The pastor said that "God told him directly that investors would become wealthy" by investing into INDXcoin, a cryptocurrency created, marketed, and sold by the Regalados, according to the complaint. Mr Regalado said his plan was inspired by God, according to court filings. ![]()
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