The Crypto Report
The Indian Supreme Court recently upheld the Reserve Bank of India’s ban on cryptocurrency, prohibiting the country's crypto exchanges from dealing with regulated financial firms.
The Indian National Congress, the country’s largest political party, has accused the ruling Bharatiya Janta Party of money laundering through Bitcoin, according to a CoinDesk report.
READ: Daily CryptoCann: India's top court upholds crypto ban; Los Angeles to begin licensing cannabis cultivators
The INC accused the ruling party of converting “black money”, or funds stemming from the black market, into Bitcoin, according to The Hindustan Times, an English-language daily newspaper. The party believes the alleged scam could have brought anywhere from US$727mln to US$12.79bn.
The INC is calling on the Indian Supreme Court to look into the accusations.
Down under, IBM (NYSE:IBM) has signed an A$1bn, or US$740mln, deal with the Australian government to use blockchain for data security, according to a Bloomberg report.
As per the contract, the tech giant will provide automation and blockchain services to the country’s federal departments, including defense and home affairs.
The Cann Report
Denver is cracking down on Sweet Leaf, one of Colorado’s largest marijuana retailers.
The Denver Department of Excise and Licenses has revoked all 26 of its cannabis business licenses following allegations of an illegal multimillion-dollar sales scheme, according to a Marijuana Business Daily report.
The retailer has been accused of “looping”, meaning that customers can buy recreational and medical marijuana multiple times a day.
The Denver District Court can review the decision.
READ: Daily CryptoCann Report: Buy a classic car with crypto; WeedMD inks distribution deal in Alberta
Craft cannabis company Flow Cana has raised US$22mln in funds, according to a Marijuana Business Daily report. The funding includes a US$15mln investment from New York-based private equity firm Gotham Green Partners.
The capital raise will go towards expanding the company’s supply chain in Northern California. The company produces small craft batches of cannabis, packaging them up in UV-protected amber jars.
Contact Lenore Fedow at lenore@proactiveinvestors.com
Follow her on Twitter: @LenoreMariee