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Tuesday, March 28, 2023

Government of Uruguay Presents Campaign Against Crypto Scams

Government of Uruguay Presents Campaign Against Crypto Scams – The Uruguay Interior Department is taking steps to alert people about the dangers of engaging in potentially fraudulent cryptocurrency schemes. “Fake Coins: Cryptocurrency Scams” is the name of the campaign, which aims to educate the public about the most typical types of cryptocurrency scams.

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More government entities are becoming aware of how some parties are exploiting cryptocurrency to carry out various types of frauds, and more of these institutions have been working to educate citizens about it. The Uruguay Ministry of the Interior has issued a warning, launching a new campaign dubbed “Fake Coins: Cryptocurrency Scams” in collaboration with El Paccto and Cibel@, two EU-Latam joint organizations which fight against organized crime.

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According to the document Fake Coins:

“The goal of the project is to increase awareness about the most common bitcoin scams. Citizens will be able to see how they are produced and what tactics the fraudsters use in this way.”

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Police departments and prosecutions from 17 nations have joined the effort, including Colombia, Argentina, Chile, Bolivia, Costa Rica, El Salvador, Ecuador, Spain, Honduras, Guatemala, México, Paraguay, Panama, Portugal, Peru, Dominican Republic, and Uruguay.

To show the Latam public how a crypto scam differs from legitimate cryptocurrency projects, the project uses many cryptocurrency projects and fake token names that the organization has identified as scams. In addition, the campaign categorizes these scams into distinct types based on their focus. Scams including simulation or impersonation, seduction scams, pyramid recruiting scams, and fake e-mail promotions are among them.

With the popularity of bitcoin in countries like Brazil, Argentina, and Venezuela, the problem of cryptocurrency scams has expanded substantially. In fact, one of the factors that has pushed the adoption of cryptocurrency regulations in several of these nations has been this type of scam.

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The newly passed crypto law in Brazil, where a number of citizens have already been affected by similar incidents, modifies the penal code to cover crypto crimes. The offenses are classified as “fraud in the provision of virtual assets, securities, or financial assets,” and the penalties range from two to six years in prison plus fines.

The Uruguay Ministry recommends checking the project’s website for more information and reporting any cryptocurrency initiative suspected of being a scam.

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