Brunei central bank warns against crypto-scams

BANDAR SERI BEGAWAN (Borneo Bulletin/Asia Information Community): The Brunei Darussalam Central Financial institution (BDCB) reminded the general public to train excessive warning previous to coping with cryptocurrencies and associated merchandise, in a press release.

The general public can be urged to totally perceive the dangers related to cryptocurrencies, and to be cautious of rampant cryptocurrency fraud and scams promising excessive returns on investments usually marketed on-line and thru social media.

BDCB reiterated that cryptocurrencies aren’t authorized tender in Brunei Darussalam and aren’t regulated by BDCB as they function independently from financial authorities or central banks.

However, the actions surrounding them could also be regulated in the event that they represent any of the actions below BDCB’s pur-view. This may increasingly embrace – however not restricted to – companies or people offering monetary providers to the general public within the type of deposit-taking, loans, remitting funds throughout the border, overseas alternate providers, and the issuance of securities.

BDCB is conscious that because of the speedy development of cryptocurrencies globally, there was heightened curiosity from the general public.

Therefore, BDCB is growing an applicable authorized and regulatory framework for cryptocurrencies and associated actions.