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Govt warns public of cryptocurrency scams

The Judiciary Police (PJ) urged the public Thursday to be wary of suspected cryptocurrency investment frauds.

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UPDATED: 22 Dec 2023, 5:49 am

The Judiciary Police (PJ) urged the public Thursday to be wary of suspected cryptocurrency investment frauds.

The police issued the warning during a special press conference.

The press conference was held together with officials from the Macau Monetary Authority (AMCM).

PJ spokeswoman Lei Hon Nei said that according to recent media reports, a company claiming to be working with various gaming companies and junket operators in Macau plans to set up a cryptocurrency system locally.

AMCM Banking Supervision Department Deputy Chief Pun Vai Kuan pointed out that “since 2014, the Macau Monetary Authority has announced to the public multiple times that a cryptocurrency is a virtual product that is not legal tender [in Macau].”

Pun said that AMCM officials had earlier informed all banks and payment service providers in the city that they are not allowed to directly or indirectly engage in activities related to cryptocurrencies.

She urged the public to be aware of the risk of digital currencies since they are only a “product” and not regulated by any authority.

Lei noted that there have been several instances of fraud in nearby regions related to the purchasing of cryptocurrency, or financial products related to digital currencies, adding that some of the supposedly “low-risk-high-return” investments could be a scam. She asked the public to stay alert.

Meanwhile, a statement released by the Judiciary Police said that a local man had been arrested on a charge of cryptocurrency fraud.

UPDATED: 22 Dec 2023, 5:49 am

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