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Beware invitations from China's Central Bank; they could be the latest cryptocurrency scam

On the 15th June the People's Bank of China issued a warning saying they had uncovered cryptocurrency scams using the bank’s name to draw in and defraud would-be investors.

Their announcement very publicly underlines that any communication would have to be the front for a digital fraud because, as their statement goes on to say, the bank has not up to this point actually issued any digital currency nor has it authorised any other financial institution to do so on their behalf. 

The People’s Bank then went on to warn consumers that any marketing communications that have appeared are likely to be part of a pyramid scheme before adding that, as an organisation, the bank would like “the public to establish a correct concept of money, cherish the RMB and maintain a normal circulation of RMB together."

The bank’s statement seems to be consistent with both the stance they took in favour of ramping up the regulation around cryptocurrency earlier in the year and with their attempts to ensure the exchange of cryptocurrency – and, most specifically, bitcoin - within China is policed more rigorously.

What isn’t totally consistent is the statement’s claim that the People’s Bank are currently not investing in the marketing of any type of bitcoin or cryptocurrency offering yet the reports accompanying this latest cryptocurrency scam warning clearly show they are actively increasing its R&D efforts around blockchain …

If you feel you have fallen victim to or even approached by cryptocurrency or bitcoin scammers or any other type of digital fraud email us today at info@selachii.co.uk or call us on 020 7792 5649.  We are specialist solicitors with a long and successful history of helping our clients buy bitcoin safely and of settling the disputes that arise following a digital, bitcoin or cryptocurrency scam. 

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