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Australian Bitcoin scams are up 126% in a week: Consumer Watchdog

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As the price of bitcoin reaches unprecedented highs this week, related scams to Bitcoin are also rising according to an Australian government study.

The Australian Commission for Competition and Consumer Affairs (ACCC), an independent Australian government authority charged with enforcing consumer protection laws, reported a slight increase in bitcoin scams in the country. Through "Scamwatch", the authority provides an overview of trends related to fraud and scams that are taking shape in the country by collaborating with various state and territory consumer protection agencies and agencies. 39, other government agencies.

In a social media article published yesterday, Scamwatch reported 77 reports of users reporting bitcoin-related scams last week.

The rise of scams related to bitcoin by fraudsters is predictable at a time when private investors are increasingly interested in the cryptocurrency the largest in the world. On Thursday, the price of bitcoin reached a new record high of under $ 7,000, an incredible 600% gain for cryptocurrency since the beginning of the year.

The Australian authorities are currently reviewing existing laws to include bitcoin exchanges in a regulatory framework, which brings industry into the scope of Australian law enforcement. first time. Unregistered digital currency traders will be subject to a number of civil penalties, in accordance with the "Bitcoin Bill" currently being revised by the Australian Parliament.

Once passed, the bill will give increased powers to the Australian Center for Transaction Analysis and Reporting (AUSTRAC), the country's financial oversight body, which the Director General can "establish." rules to expand or restrict the definition of digital currency. "

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In addition, a new designated authority responsible for registering and regulating cryptocurrency trading in Australia will also be created within six months of the coming into force of the bill.

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