Cardano Price at $0.454 Amid Surge in Counterfeit Notes Linked to Crypto Scams
Hong Kong has seen a significant increase in counterfeit currency linked to cryptocurrency fraud. From January to April this year, police seized 3,396 counterfeit notes, a substantial rise from 553 notes during the same period last year. The total face value of the seized notes is approximately HK$2.55 million (~$326,130).
Many of these counterfeit notes, including 1,693 “training notes” and 347 low-quality counterfeit bills, are designed for use in cryptocurrency transactions.
Police Response and Public Awareness
Police have arrested three individuals involved in these schemes. A spokesperson emphasized the poor quality of most counterfeits and urged the public to check for security features like dynamic shimmering designs and windowed metallic threads. “If you receive a counterfeit banknote, immediately hand it over to the authorities or a bank,” the spokesperson advised. Attempting to reuse counterfeit notes is illegal.
Regulatory Measures and Future Plans
Hong Kong is enhancing its cryptocurrency regulatory framework to combat such frauds. The Securities and Futures Commission (SFC) has licensed 11 cryptocurrency trading platforms, aiming to prevent money laundering and create a secure trading environment.
Additionally, discussions are ongoing to incorporate staking mechanisms into Ethereum (ETH) exchange-traded funds (ETFs), potentially increasing Hong Kong’s appeal as a financial hub.
ABOUT THE AUTHOR
See More
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals
Top Broker