Get ready for new scams! A Chinese crypto management organization announces that the digital yuan is ready for distribution and promise big wins for investors.

When markets collapse, whether it’s stock market, oil or even gold market, the promise of big profits can make victims. The United Kingdom’s Financial Conduct Authority (FCA) has advised investors to watch out for coronavirus-related crypto scams.

“Watch out for scams related to coronavirus (COVID-19),” the FCA wrote. “These scams take many forms and could be about insurance policies, pensions transfers or high-return investment opportunities, including investments in cryptoassets.”

The FCA warned of “too good to be true” investments, particularly those in crypto. It borrowed a familiar refrain from past FCA cryptoasset warnings: “If you decide to invest in something offering a high return or in a cryptoasset, you should be prepared to lose all your money.”

According to NOCASH.RO, such a cryptoassets – scam might be YuanPay Group, a company which says it started the developement of China’s national cryptocurrency in 2014 and „After a lot of hard work by very talented individuals and close work with the Chinese Government, the currency is now ready for distribution!”

„As of March 16, 2020, anyone can convert any currency to this new China’s coin, and full process takes less than 5 minutes.”, according to YuanPay Group.

„The current price of one of official China’s coin is 0,017€ (price updated in every 15 minutes). A small investment of 249€ will currently buy you 13,888 coins.”

YuanPay Group describes itselves as a leading Chinese crypto management and wallet organization around the country and the globe.

„We are the only officially approved and controlled legal crypto platform in China. YuanPay group was created in 2010 and since then we’ve been working with banks and other organizations to legalize crypto trading in China and develop relations with external investors. We’re proud to announce that we were chosen to manage and organize China’s Coin sales for this latest crypto development.”

„As of now, YuanPay Group is the only approved and legalized company in China to trade and sell cryptocurrencies, and particularly this coin, given it’s country-backed nature. As of September 2017, China announced the ban on sales or exchanges of any ICO or cryptocurrency, even an exchange is against the law. That’s now changing, and this new coin is the reason why.”

„No other crypto has ever been approved and cooperated with by a government, not even Bitcoin. Once the majority of coins have been exchanged, economists expect the price increase to be unparalleled with early adopters set to reach record profits in the crypto space.”

Although YuanPay is promoting the so-called national digital currency of China as the „first government-approved cryptocurrency”, the The Central Bank of the People’s Republic of China has so far not released any details regarding the official launch of the digital yuan. Also, international news agencies do not have the confirmation of a cryptocurrency already approved and launched by the Chinese authorities.

So, be careful, you can loose all your money!