With the growing popularity of digital currencies as an alternative form of cash, some countries and cities are facing challenges tied to the asset class. These include Nepal, which is working to address the rising number of “crypto” frauds, and the South Korean city of Paju, which recently issued a stern warning against tax defaulters.
Nepal’s Financial Intelligence Unit (FIU) has released a report identifying a steep rise in digital currency-related fraud activities despite a blanket ban on the asset class since 2017.
In the paper titled “Strategic Analysis Report,” the FIU highlighted the growing trend of fraud in the South Asian country, a problem inflamed by the use of digital currencies. The collaboration between digital assets and social media among scammers presents a significant obstacle for law enforcement agencies.
For social media, the array of …