Sooner or later, the phenomenon of cryptocurrencies might have a great impact on macroeconomic stability”, — Tatyana Valovaya, The Eurasian Economic Commission’s minister for integration and macroeconomics.
The Malta Financial Services Authority (MFSA) has issued a warning against an alleged global scam scheme known as “Bitcoin Revolution”.
The alleged crypto scam represents a typical get-rich-quick scheme and operates through the website the-bitcoinrevolution.org and several other unnamed websites. Also “scheme” is being promoted by using advertising on unspecified social media platforms that redirect users without their consent to pages containing many prominent local personalities that claim to make massive profits from crypto investments.
The MFSA has stressed that the Bitcoin Revolution is neither registered in Malta nor is licensed to provide financial and investment services there.
The Monetary Authority of Singapore (MAS) also warns members of the public not to be misled by fraudulent websites that solicit investments in cryptocurrencies using fabricated information attributed to the Singapore Government.
This scam scheme also operates through the websites and falsely claim that Singapore is adopting a cryptocurrency as its official coin. The sites ask readers to provide their personal and financial details to purchase the cryptocurrency on an exclusive basis.
Eurasian Economic Commission
The Eurasian Economic Commission, which serves as an executive body of the Eurasian Economic Union (EAEU), has prepared a report on cryptocurrencies to promote regulation in the area.
“We’ve prepared analytical report and will public it soon. It focuses on the definition of cryptocurrencies, as well as examples of regulation in different countries”, — Tatyana Valovaya,the Commission’s minister for integration and macroeconomics.
The United States House of Representatives has passed a bill to commission to investigate how cryptocurrencies and online marketplaces may (in)directly enable sex or drug trafficking. Based upon the study’s findings, regulatory and legislative actions that would impede such illicit use will be given.
“If we are to craft effective regulatory and legislative solutions to combat these transnational criminal organizations, we need to fully study and analyze how virtual currencies and online marketplaces are used to facilitate sex and drug trafficking, to determine how best to eliminate their use”, — Juan Vargas, member of the House.
OP-ED Disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Texploxe.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. Texploxe.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any information in this Op-ed article.