Singapore Warns Citizens on Crypto Scams using PM's name

Singapore government is warning the investors of their country to be aware of Bitcoin scams. This warning is due to the rise in the number of fraudulent websites on the internet trying to scam investors.

According to Bloomberg, Scammers have taken the next level where are misusing the names of Singapore’s Prime Minister Hsien Loong and his deputy Tharman Shanmugaratnam. The scammers are using this method to gain trust from investors using names of the government officials.

As this scams are growing the government is trying its best to stop the scammers by creating awareness among the people. Also, in support of this cause, the Prime Minister of Singapore sent out a tweet stating that

“Scammers have used DPM Tharman’s & my name to solicit bitcoin investments. Don’t believe everything you see on the internet!”

And on Facebook, the Prime Minister post explains how the country is trying to tackle ”Fake News”. Also, there is a committee formed to develop new rules which will support to stop the ”Fake News” circulation and the scammers.

In the matter of Blockchain, Singapore is always adopting new technologies and the same goes for Blockchain. Last time we had seen Singapore launched its 1st accelerator program specifically designed towards the use of blockchain. This program is built to support the small and medium business enterprises.

Coming back to the growth of scams in the country can be easily tackled by creating awareness among the citizens. And we can see the government is well working on it with the support prime minister. The emergence of this new committee and rules will decrease the number of scams we need to wait for their implementation and results.