Cryptocurrency News – Vietnam Junks Bitcoin as Form of Currency Amid Country’s Growing Pyramid Scheme
BITCOIN News – Vietnam Junks Bitcoin as Form of Currency Amid Country’s Growing Pyramid Scheme
The adverse ‘side effects’ from a reported Ponzi scheme in Vietnam that used cryptocurrency has given Bitcoin a suspicious image of late.
Government agents are now focusing their sights on a Pyramid group and warning Vietnamese locals from engaging in the Bitcoin transaction.
Based on a Bloomberg BNA disclosure, the suspected Ponzi personalities that operate the online site have actually not used digital money in their nefarious trade that has allegedly raked in more than $100 thousand.
Vietnamese newspaper Giadinh reports that method through which the Ponzi scheme functions by taking advantage of the Bitcoin’s growing appeal and the consumers’ equally rising interest in it.
A currency analyst translates the publication news bit as: ‘Real currency is being used to acquire electronic money and as these types of currencies rise in market value, commissions and bonuses are given to users who invite other interested persons to join.’
This post was published at FXPips on NOVEMBER 3, 2016 AT.