Source: Adobe / shoung
Police in China’s Xinjiang Uyghur Autonomous Region have launched a campaign that they hope will help crack down on crypto scams.
According to Diario Legal, the police are concerned that “illegal fundraising, online pyramid schemes and other cases of economic fraud” are increasing in the region. The police added that fraud related to cryptocurrencies and illegal loan services were on the rise and could end in “disastrous” results for those who fell in love with them.
Police have tried to fight back with a large-scale public awareness campaign in Ürümqi, the region’s capital and largest city, which was carried out over the weekend. The agents took to the streets to distribute flyers, brochures and other promotional materials to citizens. The material, police said, was created in an effort to help residents of the region learn how to spot pyramids or crypto scams, as well as other online scams.
Illegal multi-level marketing (MLM) schemes have seen a boom in popularity of late in China, and many have embraced a distinctive flavor of crypto and blockchain this year as cryptocurrency prices have risen and even Chinese companies have risen. have cautiously moved into the crypto space.
A host of bogus yuan digital scams have also appeared across the country, including the Xinjiang Uyghur Autonomous Region, as government pilots continue to deploy.
Police in the region stated that they had responded last year by intensifying their response to economic fraud, claiming that they had obtained “extremely” good results so far from their “crackdown” efforts.
And police said it had partnered with the region’s branches of the financial regulator and the People’s Bank of China central bank, as well as banking, market and securities regulators. The local fiscal body and “other relevant administrative supervision departments and financial institutions” were also cited as members of the team.
In addition to the Ürümqi event, smaller events were held in other cities in the region, accompanied by promotional videos, social media campaigns and press conferences. Officers tried to explain how criminals target victims, give advice on how to avoid scammers, and hint at the severe punishments potential criminals could expect to receive if caught by authorities.
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