Australian Competition and Consumer Commission Releases its Digital Currency Scam Report

The Australian Competition and Consumer Commission have just released a report recently on scam economy trends of the year 2017. Now, the report addresses a very important concern. It talks about the techniques that have been adopted by the scammers to indulge in digital currency scams.

This report has been compiled because, during the year 2017, the Australian Competition and Consumer Commission received about 200,000 reports that talked about the digital currency scams. The truth is that these scams lead to a loss of about $340 million. If we compare the records of 2016 and 2017, then one thing is quite evident, and that is the loss percentage is about 13.3% more in comparison to the loss records of 2016.

The report sheds light on a very important issue, and that is the losses occurred because the digital currency caused a frenzy. Many of the investors got carried away in this situation and did end up investing in scams.

If we re-trace the records of 2017, then the losses were about $100,000 from January to September. However, the loss amount increased drastically way back in December 2017, and it reached about $700,000. The average loss jumped from $1885 to about $13205.

Most of these scam activities occurred through fake initial coin offerings, and this is how most people lost their money. Some people also cashed on the fact that the digital currency is a comparatively new concept and they cashed out on the confusion of the users.

If the scam scenario is observed, then one thing is quite clear. Most people ended up investing in fake digital currency schemes because their friends and family convinced into opting for new schemes with no reliability. Another way that the scammers caused harm to people is that they took payment in digital currency.

Now, that we have a clear picture regarding the digital currency scam, it is important to identify the need for strong measure and regulations. If the digital currency regulations are rigid, then it will become very difficult for the scammers to follow their course of action.

It is also important that the investors need to be vigilant when they decide to invest in digital currency. They should gather enough information about an initial coin offering. If they are making any investments through an exchange, then the investor needs to have all the relevant insight about the exchange as well. This way the investors can easily play safe.

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Golix to Challenge the Decision of Reserve Bank of Zimbabwe to Ban Digital Currency

The cryptocurrency enthusiasts in Zimbabwe are in for some disappointment. The reason is that the Reserve Bank of Zimbabwe just issued a circular recently. The bank has banned all the digital currency activities taking place in the country. Now, most of the local digital currency exchanges are not happy with this news, and one of the exchanges has decided to take action against this step.

The exchange which has decided to take this initiative is Golix. This exchange has decided that it will take the central bank to the court for banning the digital currency assets. The exchange feels that the Reserve Bank of Zimbabwe does not have the right to ban the digital currency.

This ban does have serious repercussions, and it has affected the local bitcoin trades across the country. Two other exchanges have also been affected by this ban. These exchanges are Styx24 and But finance.

The major disappointment for Golix is that it was in the process of organizing an initial coin offering when this ban circular was issued. The faith of the digital currency can only be decided once the court proceedings progress.

What is apparent is that all the local digital currency exchanges will experience major loss due to this ban. There is also a possibility that once the court proceedings progress, then the bank might decide later on to give some concession to the local exchanges. However, at the moment all these are assumptions.

One thing is quite clear, and that is if Golix has decided to step into the court, then it is important that the exchange should organize its facts so that its case is strong otherwise Golix will not be able to excel in this battle.

The Reserve Bank of Zimbabwe should also come out and give a clear explanation of why it took such a strong step against the digital currency investments because this news is alarming and sad for the onlookers.

The truth is that when legal actions are taken to ban digital currency operations, then this puts the future of the local currency exchanges on the line. The same happened in case of Golix. The digital currency investors in Zimbabwe are in a dilemma currently, and it is tough for them to deal with this situation.

The best approach should be that the investors should wait and let this digital currency scenario clear out in Zimbabwe and should not make any investments at the moment.

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Investigations in Full Swing to Expose Digital Currency Scams

Cryptocurrencies have started their success journey, but the truth is that many are trying to cash out on this success. This is the reason that many digital currency scams have emerged on the forefront in the recent years that need the attention of the authorities.

At the moment about 40 regulators in Canada and the US are working to unleash some of the digital currency scams. About 70 investigations cases are in process. If we look at the records, then about 35 cases are pending or completed so far.

The basic objective of these investigations is to uncover all the unregistered securities that promise huge returns to the investors. The problem here is that the investors are completely oblivious to the risks they face and these investments can turn out to be a fatal error on the part of the investors.

At the moment many of the scams seem to be using the fake addresses. Some of these fake crypto programs are also using the photos of the high-profile individuals. This is why they pose more risk to the investor because they are giving the impression that investing in them is a safe move on the part of the investor.

The alarming part is that there is no end to the digital currency scams if the investors dig down into this market. Just last week Wall Street Journal revealed some shocking revelations. If we look at about 1470 ICO records, then the truth is that about 271 of the ICO have red flags. The worst part is that these ICO presented fake executive teams as well.

An organization backed by the Chinese government also presented its report recently, and it revealed that currently there are about 421 fake cryptocurrencies. The truth is that this figure is quite high.

If we look at the current scenario, then the demand for digital currency is quite high at the moment. This is why most of the investors are even willing to take extreme steps so that they can gain exposure to the digital currency. This is why the risk for the investors has increased in the recent years.

The best approach to adopt at this point in time is to uncover all the scams so that investors do not fall prey to these scams. Once the scams are revealed and taken to task, then this will turn out to be a lesson for many.

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Purse.io Ready to Launch Bcash

There has been a massive advancement in the field of digital currency, and it is receiving support from all the relevant sectors. Just recently, a Hong Kong-based firm named Purse announced its support for the BCH.

The company has also taken another major initiative, and it plans to go ahead with the implementation of Bcash. The Bcash can be termed as an alternative implementation of the Bitcoin Cash protocol. After these major developments Purse is all set to celebrate the addition of Bitcoin Cash.

At the moment the company has decided to collaborate with Bitcoin Cash fund. Plus, the customers will also be able to acquire a bonus due to this ongoing celebration. The customers can look forward to BCH cashback bonus.

Purse wants to make sure that things go as per plan. This is why they plan to test run the Bcash implementation. This way the company will not have to worry about a chance of failure. However, Purse should keep one thing in mind, and that is it will face some teething issues once it decides to go ahead with Bcash implementation.

The important thing is that the company should do all the necessary spadework needed to make the launch a success. Secondly, the company has already announced that it will be offering bonuses to the customers. Now, what is needed at this point is a promotion. The purse should offer all the necessary awareness to its customers so that they remain interested in the entire affair.

The positive aspect of the whole story is that Purse has made advancement in the field of digital currency. This is surely something to celebrate for the digital currency enthusiasts. If BCH is getting the relevant support from big firms, then this will increase the trust and reliability in the digital currency niche.

Plus, more companies will be encouraged to make progress in the field of digital currency because they will be sure about the fact that their effort will not go in vain by any means at all. What Purse should do at this point in time is that they should have a backup plan ready to deal with any mishaps related to Bcash implementation.

This way the entire affair will not lose its charm. Let us hope that Purse makes more such moves shortly that can benefit the digital currency industry. This will surely benefit the digital currency community.

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Coincheck prepared to expand operations in the US

The Japanese exchange Coincheck is all set to make some major progress. It is planning to expand its operations in the United States of America. Coincheck seems to be quite inclined to increase its client base in America.

At the moment the exchange has not done any work in this regard, but the planning is in process at the moment. However, there are many challenges that Coincheck will have to face at this point. The US does not have a clear framework related to digital currency at this point.

This is why Coincheck will have to invest time and effort to understand this framework, and then they can think along the lines of making investments in the United States of America. Coincheck had its fair share of success so far. This platform spent a lot of money and effort to improve its security structure, and the truth is that this effort has not gone vague so far.

The truth is that expanding the operations in the United States of America is a major move on the part of this exchange. This is why the exchange will need to study the pros and cons of this step. Only after a clear analysis, Coincheck will be able to draw a clear conclusion in this regard.

This exchange feels that investments and expansion in the west may benefit the future of this exchange for the better and it may get the much-needed success that it has been looking for throughout.

At the moment it is also important that Coincheck should keep an eye on the regulation trends in the United States of America. This will have a vital impact on the value of the digital currency. Plus, this will help to define the role of the digital currency exchanges in the US.

The expansion plan surely deserves to applaud, but Coincheck should make sure that it pays attention to the risks as well. The United States of America is a new market for the digital currency exchange Coincheck, and this is why this exchange cannot afford to make any hurried moves.

The smart approach is that the exchange should plan its strategy for digital currency investments so that it does not end up with any losses once it expands its operations in the United States of America. A further conclusion can be drawn about the expansion once Coincheck executes its expansion plan in the US.

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Colorado ready to allow digital currency donations for political campaigns

Colorado State has some new plans when it comes to digital currencies. The state has decided to allow the political candidates to raise funds by making use of the digital currencies. This action has not come up a a surprise. The reason is that Colorado is the kind of state that often tests new laws.

A committee will be set up that will accept the digital currency contributions. However, there will be a defined limit for the coin contribution. The contribution amount depends upon the value of the digital currency at that point of time.

In fact, the process of accepting the contributions in digital currency has already started off. At the moment a Colorado state official has already accepted donations in Bitcoin Core. The truth is that other bureaucrats have also accepted the donations in Bitcoin Core in the past.

If we look back at the records, then the largest digital currency donation was given way back in December. Austin Peterson, a US Senate Candidate, accepted a donation of about 0.284 BTC. The worth of this much BTC was about USD 4,500 at that point of time.

One thing is quite clear from all this, and that is accepting a donation in digital currency is not a new trend for sure, and it is going to last for a long time. It will not be wrong to state that this is quite an innovative way to promote digital currency. In fact, accepting a donation in digital currency can be termed as a new way to utilize this digital currency.

It seems that more political candidates will surely like to cash on the idea and they will surely want to raise funds through digital currency. There is no denying the fact that digital currencies fund campaigns can truly be quite an effective way to raise the necessary funds.

However, the political candidates need to have a clear line of action and plan in their mind. This way they will not have to worry about the fact that things will mess up. What the political candidates need to do is that they should observe the current campaigns and see how they were planned.

This way the candidates will be able to get a clear picture and can conclude the future of their political campaign related to digital currency funding. It is very important to maintain a level of transparency in the entire process to make it a success.

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UFJ to launch new digital currency by the name of Mufj

Mitsubishi UFJ Financial Group has big plans ahead. The company has just made a plan to roll its very own token. UFJ will launch the Mufj Coin by 2019. The biggest achievement on the part of UFJ is that they are offering more of a variation in the digital currency. Initially, the Mufj Coin will undergo a bit of testing.

Initially, about 100,000 users will be making use of the Mufj coin. The users will be able to shop everything from the retail stores. This includes food and clothes as well. At the moment the Mufj coin is making use of a new technology that focuses on a network of small computers.

For using the Mufj, the users will first need to download an app. They will have to convert the fiat deposit as well. The basic objective to introduce the Mufj coin was to reduce the transactional frictions.

Now, Mufj is leaving no stone unturned to acquire the cooperation of other banks as well so that it can excel in its mission. It seems that the battle is not going to be so easy for Mufj and it will have to compete with other coins as well like J-Coin.

The success of Mufj primarily depends upon how things are planned. What UFJ needs to do is that it needs to plan out things well. This way the company can look forward to the success of Mufj.

The truth is that UFJ has a solid success history. At the moment this company has about $2.5 trillion in the assets. It is also one of the top holding companies so there are little chances that UFJ will have to face failure. All the users who intend to make use of Mufj should watch for all the necessary updates related to this coin.

One thing is quite evident in this situation, and that is digital currency is making progress at a massive rate. One thing is quite obvious that more such firms like UFJ will soon walk in the digital currency niche and may come up with their coins. The users will surely benefit from this situation and will have ample choice when it comes to choosing the digital currency.

As far as Mufj goes, the conclusion about this coin can be drawn once it is released in the market in the year 2019. At that point in time, we will get to know the real view of the users regarding this coin.

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