Hong Kong Lawmakers Support Ban on Bitcoin



ForexMinute.com — In the wake of one Bitcoin investment group duping investors of $USD387, Hong Kong Lawmakers recently urged local finance authorities to ban the cryptocurrency.

The strict reaction came after the Hong Kong Monetary Authority’s (HKMA) lenient press statement yesterday, in which the organization simply asked people to be cautious while investing in Bitcoin or other cryptocurrencies.

“Such investments may involve fraud or pyramid schemes,” HKMA had stated on Tuesday. “Given the highly speculative nature of Bitcoin, we have all along urged the public to exercise extra caution when considering making transactions or investments with Bitcoin.”

Lawmaker Leung Yiu-chung, who was the first one to help the victims on the issue, asked the government to do something with Bitcoin. “It’s simply not enough to just ask people to exercise caution when investing,” he said. “It has to ban the circulation of such virtual currency in the market.”

We tried contacting the alleged fraudulent company MyCoin through mail and phone, but received no response. The company reportedly promised its investors attractive returns if they agree to pay an average sum of $400,000 as investments. However, it later disappeared along with investors’ money.

Police officials are yet to release a statement regarding the MyCoin scam.

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With an upbringing rooted in deep ethical values, Yashu Gola knows how to put honesty and dedication into his articles. This young and dynamic financial analyst has done his graduation in IT engineering. His interests in financial writing have once brought him to our digital doorsteps. Since then, he has been an integral part of ForexMinute.com and writes the most captivating news-articles on the foreign exchange industry, cryptocurrencies, and medical marijuana trading.
  • Renioctib

    Dear relatives, the HKMA is a de facto central bank and government authority and thus warnings such as this are typical from such factions. They are not lawmakers per se. And have not banned nor are calling for the banning of Bitcoin. Leung Yiu-chung is a legislative councillor and even more embarrassingly, a teacher. Not a lawmaker.

    I understand that at his age his mental capabilities may be in decline but basic common denominators need to be examined and he should know that. Investors and lazy people have been scammed for centuries. Gold, fiat, cash.. whatever there is to trade. Bitcoin itself has nothing to do with it. The bottom line is ‘scammers’ and not the item they pick to scam with.

    Hong Kong Lawmakers Support Ban on Bitcoin?? Shame on you Yashu. Bitcoin will not be banned. Bitcoin cannot be banned. And when you and others finally come to understand this fact, you will hopefully move on and stop reporting such rubbish.