Fun

Government of Uruguay Presents Campaign Against Crypto Scams

News Feed - 2022-05-24 08:05:16

Government of Uruguay Presents Campaign Against Crypto Scams


The Department of the Interior of Uruguay is taking steps to warn users about the danger they face when investing in certain crypto projects that could be scams. The campaign is called “Fake Coins: Cryptocurrency Scams” and seeks to educate the population about the most common kinds of crypto scams. Uruguay Educates on Crypto-Related Scams


More and more government bodies are becoming aware of how some parties are using crypto to execute different kinds of scams, and also more of these institutions are working to educate citizens on this fact. The Ministry of the Interior of Uruguay has warned about this, presenting a new campaign called “Fake Coins: Cryptocurrency Scams,” launched in partnership with El Paccto and Cibel@, two EU-Latam joint organizations that fight against organized crime.


According to the Fake Coins document:


[The project seeks to] raise awareness about the main scams detected in cryptocurrency operations. In this way, citizens will be able to identify how they are produced and what tricks the fraudsters use.


The campaign has participation from police departments and prosecutions from 17 different countries, including Argentina, Bolivia, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Spain, Guatemala, Honduras, México, Panama, Paraguay, Peru, Portugal, Dominican Republic, and Uruguay. Cryptocurrency Scam Warning Signs and Regulation


The project uses several cryptocurrency projects and fake token names which the organization has defined as scams to show the Latam audience how a crypto scam is different from legit cryptocurrency projects. Also, the campaign typifies these scams into different kinds, depending on their focus. Among these are scams through simulation or impersonation, scams through seduction, pyramid recruitment scams, and false e-mail promotions.


The problem of cryptocurrency scams in Latam has grown significantly with the popularization of crypto in countries like Argentina, Brazil, and Venezuela. In fact, this kind of scam has been mentioned as one of the factors that have accelerated the establishment of cryptocurrency regulations in some of these jurisdictions.


In Brazil, where a number of citizens have been affected by such occurrences, the newly passed crypto law modifies the penal code to include crypto crimes. The crimes are denominated as “fraud in the provision of services of virtual assets, securities, or financial assets,” with penalties including imprisonment from two to six years plus fines.


The Ministry of Uruguay advises visiting the web page of the project for more information in this regard and to report any cryptocurrency project suspected of being a scam. Tags in this story awareness, Brazil, Crypto Scams, cryptocurrency law, fake coins, Uruguay


What do you think about Uruguay’s warning regarding cryptocurrency scams? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Acquiring a Home With Bitcoin — A Deep Dive Into the Latest Crypto-Backed Mortgage Trend NEWS | 2 hours ago Billionaire Ray Dalio Speaks in Davos — Says "Blockchain Is Great, but Let’s Call It Digital Gold" NEWS | 4 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMajor Japanese Bank Sumitomo Mitsui Trust to Launch Cryptocurrency Custody Business Next articleSwiss VC Launches African Blockchain Early Stage Fund Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike

News Feed

Bitcoin Price Spike Targets the $40K Handle, Crypto Economy Recaptures $1 Trillion Market Cap
Bitcoin Price Spike Targets the $40K Handle, Crypto Economy Recaptures $1 Trillion Market Cap Crypto asset markets have seen some significant gains over the last
Bitcoin, Ethereum Technical Analysis: BTC Drops by Over $2,000 in the Last 24 Hours
Bitcoin, Ethereum Technical Analysis: BTC Drops by Over $2,000 in the Last 24 Hours Cryptocurrency prices plunged in today’s session, as markets reacted to the latest U.S. i
Saudi Central Bank Says Ongoing CBDC Experiment Focused on Domestic Wholesale Use Cases
Saudi Central Bank Says Ongoing CBDC Experiment Focused on Domestic Wholesale Use Cases Saudi Arabia’s central bank digital currency (CBDC) experiment, which is being carried
Dogecoiners clone hyped Bitcoin Ordinals ‘Runestone’ airdrop
Jesse Coghlan3 hours agoDogecoiners clone hyped Bitcoin Ordinals ‘Runestone’ airdropThe Doginal-based Runestones were given away for free, just like its Bitcoin Ordinals original.1407 Total views11 Total sharesListen
Akon Joins Presidential Campaign of Bitcoin Entrepreneur Brock Pierce as Chief Strategist
Akon Joins Presidential Campaign of Bitcoin Entrepreneur Brock Pierce as Chief StrategistAkon has joined bitcoin entrepreneur Brock Pierce’s 2020 campaign to become the presid
Bittensor (TAO) Soars 130% – What’s Behind The Altcoin’s Recent Surge?
Este artículo también está disponible en español. Bittensor (TAO) has been garnering attention for its exceptional performance, surpassing Bitcoin and the broader cryptoc
Ethereum validator P2P.org hits $7.5B TVL, adds new SaaB model
Helen Partz10 hours agoEthereum validator P2P.org hits $7.5B TVL, adds new SaaB modelP2P.org’s new SaaB model aims to help businesses better handle staking functionalities, promotion and revenue generation.1512 Total v
Tristan Greene5 hours agoBitcoin drives digital asset inflows for the first time in 6 weeks: ReportSolana was the only other major asset to show inflows for the week.1512 Total views20 Total sharesListen to article 0:00N
Electric Car Owner Says His Hacked Tesla Model 3 Mined up to $800 a Month Mining Ethereum
Electric Car Owner Says His Hacked Tesla Model 3 Mined up to $800 a Month Mining Ethereum According to the 2018 Tesla Model 3 owner, Siraj Raval, he mined up to $800 a month in cry
Kraken files to dismiss SEC suit — ‘Dangerous precedent’ for overreach
Jesse Coghlan7 hours agoKraken files to dismiss SEC suit — ‘Dangerous precedent’ for overreachThe SEC’s suit against Kraken has “has no limiting principle” and gives the agency too wide of an authority, the c
Seychelles Examines the Pros and Cons of Licensing Crypto Trading Platforms
Seychelles Examines the Pros and Cons of Licensing Crypto Trading Platforms Seychelles’ Financial Services Authority (FSA) together with the country’s finance ministr
Bitcoin Price Above $100,000 Again? Why $99,800 Is An Important Resistance To Break
Este artículo también está disponible en español. The Bitcoin price is approaching the $100,000 level again after experiencing significant declinesthese past weeks. A cry