Home' Trinidad and Tobago Guardian : February 24th 2018 Contents news A7
Saturday, February 24, 2018
CAUTIONARY STATEMENT ON INITIAL COIN OFFERING
Initial Coin Offerings (ICOs) involve the creation of digital tokens using distributed
ledger technology and subsequent sale to investors. There are ongoing invitations to
members of the public to invest in such coins in what is being marketed as "pre-sale
before launch on public exchanges."
The Trinidad and Tobago Securities and Exchange Commission (the Commis-
sion) has not as of this date approved any Initial Coin offering. The ongoing
offerings are unregulated and speculative investments, with considerable risk
to the investor.
(IOSCO), of which Trinidad and Tobago is a member, include:
1. Heightened potential for fraud --
ine and innovative ideas for new products and services, there is a risk that some issuers could
seek to perpetrate fraud against investors. Most ICOs operate solely over the internet -- and
the fact that the products and those selling them may in some cases not be subject to regula-
tion, expose investors to fraud.
2. Cross-border distribution risks -- As the issuer may also be operating the ICO from outside
the investor's jurisdiction, following the money in the event of a collapse of the ICO as well
3. Information asymmetry -- Due to their complexity and the uncertainty around the rights
or interests that an investor may be acquiring, many retail investors may not be able to un-
derstand the risks, costs and expected returns and/or the drivers of risks and returns, arising
from their investment. This hampers their ability to make informed investment decisions, and
increase the likelihood of adverse consumer outcomes.
4. Liquidity risks -- Like crypto-currencies in general, tokens traded on virtual currency ex-
changes (or over-the-counter) may give rise to opaque and volatile pricing, often coupled
jurisdictions, the cryptocurrency exchanges may also be unregulated and operate without
oversight. This can leave investors vulnerable to dramatic price changes and the possibility
that they may not be able to exit their holdings.
Members of the public are therefore urged to exercise caution before participating in any
ICO lacking regulatory sanction.
MORE THAN JUST FABRIC
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The hall of residence at The Uni-
versity of the West Indies (UWI)
St Augustine campus formerly
known as Milner Hall has been
renamed Freedom Hall. This is
the result of the process started
last October 2017 approved by
the Finance and General Pur-
poses Committee (F&GPC) on
the recommendation of a report
compiled by Pro Vice-Chancel-
lor Alan Cobley, Professor of
South African History.
The report con irmed the as-
sociation of Lord Alfred Milner,
whom the Hall was named after,
with crimes against humanity
in Africa among other actions
driven by his self-proclaimed
'British race supremacy' ideol-
The name review process in-
cluded a series of consultations
with key stakeholders at UWI
St Augustine, including Hall
residents and a wider call to all
students, staff and alumni to
recommend alternative names.
The inal decision was made
on the recommendation of cur-
rent residents of Milner Hall.
The new name was approved
by the campus' Finance and
General Purposes Committee
on February 2 and the Univer-
sity-wide Finance and General
Purposes Committee on Febru-
Campus Principal, Professor
Brian Copeland expressed his
satisfaction with the process.
Trinidad's Creole Harvest, which
will be featured in T&T Postal Cor-
poration's (TTPOST) latest stamp
book, is already being offered
for sale on eBay for US$37.50
(TT$248.62), over 200 times the
The eBay's listing, however,
ended on Thursday at 9.04 pm.
Its seller, westindia-co.
According to the website, when
the item was posted for sale there
were only four booklets available.
It's uncertain, however, whether
or not all were sold at the time the
listing would have ended.
Contacted on the issue,
TTPOST's Product Manager, Tri-
cia Scipio said the online sale
was brought to her attention. The
booklet was of icially released by
the TTPOST on January 22.
Another of icial at TTPOST,
who wished not to be identi ied,
said it was "nothing new."
"Over the years, whenever
TTPOST would release these spe-
cial stamp booklets or limited edi-
tion stamp booklets customers
would purchase to sell over on
online shopping sites for mam-
moth prices. These are usually
purchased by the ardent stamp
collectors, who collect stamps
from all over the world. There's
no prevention for this, of course,"
the of icial said.
According to Scipio, this latest
release, is part of TTPOST's ongo-
ing postage stamps booklets ded-
icated to promoting T&T's culture
She said historian Cassandra Jo-
seph and artist Derek Smith came
together for its production.
The ten stamps show different
aspects of the Creole Harvest---the
Creole culture has signi icantly
contributed to the rich unique
culture and heritage that plays an
integral part in modern-day T&T.
Set on a picturesque plantation;
it portrays the thankful estate
workers in the last quarter of the
year as they joyously celebrate,
harvesting the fruits of their la-
bour a grand estate. The planters
surround themselves with the
harvest, enviously gather them-
selves, adorned with traditional
'dwiyets' as they dance and sing
in their French Creole (Patois)
language to the beat of handmade
instruments such as drums and
This mix of French and African
culture has created much of the
Creole culture that has shaped the
Trinidad as we know it today.
A sample of the commemorative stamps.
Freedom Hall Special stamps record T&T's history
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