UN Denies Involvement in Green Blockchain Project EcoBit

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The United Nation has denied claims that it was concerned with a Malaysian blockchain venture referred to as EcoBit, in response to reviews.

Local information supply Malaysian Insight reported on July 5 that the United Nations Development Program (UNDP) in the nation mentioned it “is not involved and does not have any partnerships with Ecobit” – a blockchain venture that claims to deal with environmental and carbon emissions points and which closed an preliminary coin providing (ICO) simply final month.

While the cached Google search outcome for the corporate nonetheless states that its “Phase 1” venture is “under the United Nations Collaborative Program,” its landing page on EcoBit’s web site is now unavailable, as is the team data web page.

UNDP communications analyst Ahmad Hafiz Osman informed the information supply that EcoBit had additionally used UN logos with out permission in selling its forest carbon-offset venture in Malaysia’s Kelantan state. The logos had been allegedly taken down days earlier than the UNDP issued a letter to EcoBit.

According to Tokenmarket.net, the board advisor of EcoBit is Tang Too Siah, who can also be the CEO of Climate Protector Sdn Bhd, a Malaysian carbon credit score agency. Both EcoBit and Climate Protector had been not too long ago red-flagged by the nation’s central financial institution on June 23 as “companies and websites which are neither authorized nor approved under the relevant laws and regulations.”

However, Kelantan state has beforehand agreed to a 30-year carbon credit score offset cope with Climate Protectors, below the Reduced Emission from Deforestation and Degradation (REDD) program for Kelantan’s forest preservation, and suspicions have emerged on social media that the state authorities has been illegally accumulating cash by the 2 firms.

Following the information, in response to The Star Online, Kelantan head of state Ahmad Yakob denied the allegation and urged traders in the carbon buying and selling program to lodge reviews with the police. The report additional indicated that, when contacted, Tang mentioned a press assertion could be issued shortly.

Kelantan forest picture by way of Shutterstock

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