Central Bank of Argentina investigates companies that offer exaggerated profitability with cryptocurrencies – DiarioBitcoin

Central Bank of Argentina investigates companies that offer exaggerated profitability with cryptocurrencies - DiarioBitcoin

Central Bank of Argentina investigates companies that offer exaggerated profitability with cryptocurrencies - DiarioBitcoin For Daily EditorBitcoin

The central bank made the announcement on its website. Issued a document with the National Securities Commission.

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The Central Bank of the Argentine Republic, BCRA, reported on its website that it is “investigating the actions of companies that capture deposits and offer returns through operations with crypto assets and cryptocurrencies that are not compatible with reasonable parameters in financial operations ”. It warns savers of “The risks of investing through these platforms that do not have underlying assets that allow the investment risk to be assessed”.

The BCRA highlights that, through the Superintendency of Financial and Exchange Institutions, it has carried out inspections in several provinces “Initiating the investigation and adopting the cessation orders on these practices and will initiate the corresponding summary and judicial actions to protect the public.”

Likewise, the bank and the National Securities Commission (CNV) have already issued a document “In which information was provided and savers were alerted about possible implications and risks that crypto assets may carry, as well as recommending a prudent attitude in order to mitigate a possible source of vulnerability for users and investors.”

In a note dated December 20, the bank says that “Advertising campaigns were detected in some provinces, such as La Rioja and Catamarca, aimed at attracting investors with not very transparent asset management schemes. The BCRA ordered to intimidate the companies that are offered through web platforms not to carry out financial intermediation operations and analyzes whether the criminal complaint for the presumption of a fraud maneuver assimilated to Ponzi schemes is appropriate ”.

Crypto scams in Argentina

Cryptocurrency-related scams have multiplied this year in Argentina, as you recall Bitcoin.com. In fact, in November, the NGO Bitcoin Argentina again warned against this type of scheme, noting that such groups are taking advantage of the popularity of crypto assets in the country.

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In this regard, the CEO of the NGO Bitcoin Argentina, Javier Madariaga, commented last month:

“In Argentina there is no fund today authorized to capture savings for investments in cryptocurrencies. We are seeing that pyramid schemes or Ponzi schemes with crypto are being repeated in different provinces of the country, and the common denominator of these scams is an intermediary that promises a great economic return by making a capital contribution, something that is not guaranteed in any investment ” .

In fact, the organization gave concrete examples:

“[Modelos como] Telar de la Abundancia, Omega Pro, Intense Live are some examples of this type of pyramid fraud that occurred in the past and that with great concern we are detecting its resurgence in provinces such as Mendoza, Córdoba, Tucuman, Catamarca and La Rioja, among others. . They do it with new names, made up with massive and glamorous launch events that are promoted by famous personalities, athletes or influencers ”.

Sources: Central Bank of Argentina, Bitcoin.com, archive

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