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Scammers Claim Cryptocurrency Backed by Singaporean Government Has Been Launched

Scammers have one more trick up their sleeve, and that is the development of a national virtual currency that is allegedly backed by the Singaporean government. However, the latter has informed its citizens that the claim is false and as such, people should steer clear from such investment, reports a media outlet on February 1.

Cybercrime Actors Develop New Means of Soliciting for Funds

May Code Trader Group (MCTG), the actor(s) behind the supposed national virtual currency from the Singaporean government claims that the asset is backed by the government. MCTG also stated that the coin had been launched on January 19 and they are the sole distributor with the authorization to sell it.
More into their antics is the cloning of reputable cryptocurrency websites such as CNBC. Here, news relating to the launch of the asset is published thereby giving potential investors the impression that the coin is legit. These investors are also asked to submit their personal and financial information in order to purchase the currency.

Government Warns People to Exercise Caution

To prevent its citizens and other crypto investors from falling a victim to this scam, the Monetary Authority of Singapore (MAS) issued a warning on January 31. According to MAS, a scheme is being publicized on cryptocurrency websites using false government data. People have, therefore, been warned to exercise caution in their dealings.

Singapore is More Receptive of Cryptocurrencies and Exchanges

Reportedly, Singapore, unlike China and India, is more receptive of cryptocurrency and even exchanges. While the country does not consider virtual currencies as a legal tender, they have, however, not made it mandatory for companies to register. In the same vein, citizens can trade digital assets without facing the full force of the law.
Contrastingly, the same cannot be said about India whose Reserve Bank has banned people from trading these assets. In 2018, a circular was sent to banks informing them of the risks that are associated with dealing with cryptocurrency exchanges. Financial institutions were also asked to close a customer’s account who was found trading such assets.
China, on the other hand, as reported by BTCNN on January 26 has mandated that Blockchain companies store customers data and also grant the government access to User IDs such as name, national ID, and phone number. The authorities had outlined that this will enable them to “advance the industry’s healthy and orderly development.”

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