Tag : ICOs

BV Prime

Cryptocurrency Fraud Second Most Common Investment Scam in Land Down Under

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The national consumer watchdog in Australia has warned the country that the cryptocurrency scams have grown drastically over the last year and are now considered to be the second most common type of investment scam in the country.
The Australian Competition and Consumer Commission, an independent government authority, has been given the task of enforcing laws which will protect citizens and provide an oversight to the trends in the Land Down Under related to scams. The scam alert domain has quite rightly been given the name Scamwatch.
They have been on alert for a while now and the watchdog, on Monday, raised public attention on the matter of cryptocurrency trading scams. It is becoming increasingly significant and they have seen an immense growth in the country over the period of the last 12 months.
With the rise of cryptocurrencies, the scammers have been fast at the heels with those using these new trends to commit fraud and scam people from a lot of their wealth. There is a basic principle to all of the financial investment scams: The con man will tell you that they have inside knowledge of the particular industry and throw around some facts and figures to convince you. They will then use the trust you have placed in them and ask you to let them invest the money on your behalf. If you have been fooled convincingly enough and you give them your money to make investments and become rich, you will see them disappear along with all the money you gave them.
The Australian Competition and Consumer Commission has been urging all the citizens to be careful of these fraudulent activities which are becoming more and more common in the country. Wherever you hear the kind of terms along the lines of ‘get rich quickly’, ‘low risks and high returns’ or something like a ‘risk free investment’, you would do well to steer away from it.
The watchdog has confirmed that schemes like these are still the second most common investment scam in the country. The top position still belongs to investment scams belonging to the traditional realms of stocks, real estate and commodities.
The total losses seen in 2017 because of cryptocurrency investment scams stood north of a staggering value of $1.2 Australian dollars. That is just the investment scams. Adding the likes of fake ICOs to the amount makes the figure go up somewhere over $2 million Australian dollars.

BV Prime

Imports of Cryptocurrency Mining Equipment Suspended in Vietnam

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According to the local news agency in Vietnam called Viet Nam News, July 19th saw the announcement by the Vietnamese central bank the State Bank of Vietnam that they will be placing a band on the imports of all cryptocurrency mining hardware effective immediately.

This is not a surprising move to a lot of people in the country as it comes in the light of the Ministry of Industry and Trade suggesting a temporary ban on imports of cryptocurrency mining hardware. Their proposal came because of the exceedingly overwhelming volume of hardware being brought into the country through Ho Chi Minh, Da Nang and Hanoi was almost 160,000 units from last year up until April of 2018.

Trinh Dinh Dung, the Deputy Prime Minister had asked the Ministry of Industry and Trade, the Ministry of Finance and the State Bank of Vietnam to get a statistical study done on the imports of cryptocurrency mining hardware based on the regulations they had in place at the time. The Deputy Prime Minister asked them to provide suggestions and guidance based on what they found.

The Viet Nam News reported that the suspension of imports of cryptocurrency mining hardware imposed by the country is aiming to improve the flow of currency within the country. The use of cryptocurrency mining equipment makes the process too complex. This ban is also part of the country’s efforts to make sure that the cryptocurrencies do not become an alternative means of transaction in the country to their traditional fiat currency. This is also actually why the use of cryptocurrencies for transactional activities was declared illegal in the country last year.

The Ministry of Finance in Vietnam also proposed a temporary ban on imports of cryptocurrency mining hardware back in June because of the fact that the cryptocurrencies being mined made it difficult for them to regulate the increasing flow of the digital assets. The proposal by the Ministry of Finance in Vietnam was based more on the protection of citizens from cryptocurrency scams. Considering the fact that there was a scam worth an alleged value of over $650 million taking place in April, it is not so surprising that regulatory bodies have sprung into action in Vietnam. The two ICOs involved in the cryptocurrency scam were both headed by an outfit based in Vietnam.

Vietnam is looking to poise itself better so that it can get the cryptocurrency revolution under control before it gets out of their hands.