Yuan Pay Group Scam: A Cryptocurrency Used in China

December 10, 2022

Users can trade e-Yuan and other cryptocurrencies using Yuan Pay Group’s automated robot trader, which reportedly uses trading signals and algorithms to execute trades based on user-specified parameters. In order to determine whether Yuan Pay Group is worthwhile of your time, we’ll be looking at its advantages and disadvantages, features, security measures, and payment options.

A Cryptocurrency Used in China

China’s Cryptocurrency Scam: Yuan Pay Group

Watch out for the Yuan Pay Group scam, a brand-new cryptocurrency adventure that could rob you of all your savings. Some individuals spell “YuanPay” as a single word. What’s the matter? A company by the name of YuanPay Group asserts to have created the national cryptocurrency of China. This brand-new cryptocurrency, according to YuanPay, is available for purchase as a fresh investment opportunity.

According to YuanPay Group, the recently created cryptocurrency is now ready for investment after a tonne of hard work “by very talented individuals and close work with the Chinese Government”! The Yuan Pay Group Scam claims that as of January 11, 2021, anyone can convert any currency to this new China coin, and the entire process takes less than 5 minutes.

Currency in China

The bait? They claim: “Expect potential profits of 4482 dollars in just a few short months for every dollar you invest in January.” Wowza. They also assert exclusivity, claiming that their business is the only one in China that has been authorised by the government to trade and sell cryptocurrencies, including this particular coin.

China announced a ban on the exchange or sale of any ICO or cryptocurrency in September 2017. The law forbids even exchange. According to YuanPay Group, this is now changing, and the new coin is the cause.

Chinese cryptocurrency fraud

The Yuan Pay Group scam was uncovered by a few victims who lost all they invested after they’d been advertising this fantastic cryptocurrency investment opportunity for the previous few weeks.

“They enticed me with a Google AdWords advertisement. When I clicked on the advertisement for this new cryptocurrency sale in China, I was taken to the Yuan Pay Group website, claims Kazuo K.

I signed up to open an account, and I paid with a credit card, he continues. I was abruptly transferred to the coindaq.io team, who asked me to provide additional funding. They conned me out of $15,000 by posing as cryptocurrency traders when they were actually proposing to sell the brand-new Chinese cryptocurrency. Although the landing pages have changed, the same Yuan Pay Group webpage continues to be visible.

“Now you can change your money to China’s official government-backed cryptocurrency!” reads the tempting landing page of the YuanPay Group scam. Is that convincing?

It’s time for China to take the lead in technology once again by adopting the first government-backed cryptocurrency in the world. For many years, China has led the world in manufacturing.

Legitimacy of Yuan Pay Group

The legitimacy of YuanPay Group People doesn’t seem that way. The Iraqi Dinar fraud, which took place ten years ago, is strangely modernised in the Yuan Pay Group scam. According to that, con artists persuaded victims that the value of the Iraqi dinar would soar once the nation gets back on track.

They developed phoney platforms for the Iraqi dinar that charged a high price for “virtual dinars,” promising that everything would be redeemed at a huge ROI in the future.

Unfortunately, some gullible people continue to hold that viewpoint. Now let’s return to the YuanPay Group fraud.

The Chinese government stopped trading in virtual currencies, outlawed initial coin offerings, and stopped mining as of February 2018, according to Wikipedia. Later, some Chinese miners migrated to Canada. Due to this, the YuanPay group scam is currently primarily being used in Canada and the United Kingdom. However, don’t be fooled; it will very soon be used everywhere.

Please feel free to share any experiences you may have in the comments section.

Some additional victims claim that reading phoney Forbes and Yahoo articles were what led them into the trap. “The digital money utilised in China is not the same as Bitcoin and is not used for investments. According to Nil P., it works out to be a 1:1 conversion to its base currency.

Likewise, if you ever have a suspicion about a website, feel free to check it out using the website validator provided below by Scam Detector:


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How To Avoid The YuanPay Group Scam

Investors without experience are victimised by the YuanPay group scam. Numerous unclickable links and incredible endorsements may be found on the website. Do not be duped, please. The Chinese cryptocurrency known as DCEP has not yet been given a clear launch date.

Additionally, the People’s Bank of China (PBoC) issued a statement in which it stated that “Anything that is trading on the market under the name DC/EP or DCEP is not the national digital currency, and any launch time suggested on the Internet is inaccurate.”

Information about reporting scammers using Chinese cryptocurrency

Share information about the Yuan Pay group scam with your family and social media contacts. Sharing this content on social media is appreciated. Using the link below, you can formally alert the Federal Trade Commission (FTC) about crypto scammers and any other dubious activity in this sector:

Inform The FTC Here

How To Be More Protective

Subscribe to the Scam Detector newsletter if you want to be the first to learn every week about the most common scams. Periodic emails and messages will be sent to you.

While you wait, familiarise yourself with some of the articles below that discuss cryptocurrency fraud and learn how to stay secure online. Please do not hesitate to expose additional scammers in the Comments section below.

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Bitcoin scams
Sushil Kumar https://buzznc.com

I am Buzznc Staff and I am Senior Editor !

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