China's Central Bank Crypto Money Sector 'Fraudsters' Alert About

China's central bank warned its citizens about projects created to defraud people in the cryptographic sector, and shared some clues as to how to avoid them.

Fraudulent Kanmayın

The People's Bank of China issued a statement on 24 August

The Central Bank gave the following information about projects that people are trying to monetize badly using interesting things they hear about Blockchain:

• The centers of Blockchain-based illegal projects are largely foreigners countries, and these projects are spread over the Internet. Such projects also take advantage of online payment methods for coin collecting.
• Some blockchain projects resort to deceptive ways to attract investors. They advertise their projects with wrong information, free promises of profit.
• Care should also be taken of projects that embrace the 'financial innovation' envelope and that promise to generate income 'statically' or 'dynamically'.

A warning from the central bank's warning notice the section looks like this:

"People need to be sensible about Blockchain. People should also identify their own investment principles, recognize their risks, and report illegal activities they receive to the authorities. "

Chinese authorities have recently stepped up their fight against the crypto money industry. Authorities have imposed sanctions on some hotels and shopping centers on the grounds that they advertised crypto money in the country shortly before that. The authorities also banned Chinese citizens from accessing more than 124 foreign crypto money exchanges.

The post China Central Bank cautioned about 'frauds' in the Crypto Money Sector appeared first on Koin Bulletin.

Steemit: @engindagli