Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express

The totally nonsensical “official Chinese Mint crypto” scam, Japan dives into stablecoins, Bithumb chair vindicated: Asia Express.

A new type of crypto scam has surfaced in China, with fraudsters posing as the China Banknote Printing and Minting Corporation (CBPMC) to sell cryptocurrency through fake websites and apps.

For those familiar with Chinas crypto regulations, this scheme might seem ridiculous. The country has banned several crypto-related activities, including trading and mining, and officially recognizes only its fiat currency, the renminbi, as legal tender. The idea that the very state-backed entity responsible for printing this fiat currency would launch a crypto only adds to the oddity of the crime.

In response, CBPMC issued a public warning through its official WeChat channel, stating that it has never sold any virtual currency through any platform. The company urged the public to remain cautious and avoid falling for fraudulent schemes.

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