In the past few months, Cuba has witnessed an exciting moment in accepting digital currencies across the country, but the road to achieve this goal is still under construction. The country’s central bank recently issued a warning that the number of scams related to cryptocurrencies is increasing across the island.

The so-called crypto scam was mentioned in the alert

According to the notice issued by the Central Bank of Cuba, citizens should be aware of the Ponzi scheme hidden under the investment of legal digital assets. These plans have deceived many people across the country, who have been hurt by the prolonged economic crisis.

Officials of the Central Bank also released the names of some suspected frauds operating without permission in Cuba, such as Mind Capital, Mirror Trading, Arbistar, Trust Investing, Qubit Life/Qubit Tech, X-Toro, etc.

Arbistar has been under the surveillance of Spanish authorities because the fake company was accused of a million-dollar crypto scam that dumped thousands of people in multiple countries. The Central Bank of Cuba commented on these companies with red signs:

The characteristic of these organizations is that through misleading advertising on social networks and other platforms, they can even use encrypted assets as a novel resource to make “complex investments” in order to arouse consumer interest. This type of advertising is generally expected to provide a quick, easy, and no obvious way of profiting. “

The Cuban government does not endorse any existing encryption projects

In addition, the Central Bank pointed out that the Cuban government has not yet approved any projects related to virtual currencies in the country. In fact, “the public is advised not to participate in businesses of this nature.”

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Despite the warning issued by the Central Bank of Cuba, the island’s president, Miguel Díaz-Canel, discussed the possibility of including cryptocurrency in its “facilitating the national economy” plan.

As News reported last week, Díaz-Canel hopes to evaluate the feasibility of implementing this decentralized technology and its impact on the country. However, he is not sure whether he decided to adopt digital assets or create a central bank digital currency (CBDC) at the time of publication.

What do you think of the warning issued by the Central Bank of Cuba? Let us know in the comments section below.

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