Despite the global appeal of cryptocurrencies, key problems remain. One of the bigger concerns is the number of scams in this industry. As such, the FTC is launching a “Decrypting Cryptocurrency Scams” workshop later this year. An interesting venture which aims to further legitimize this industry in the eyes of the general public.
The decision by the FTC to launch such a workshop is commendable. Educating the masses on potential cryptocurrency scams is direly needed. A lot of novice users have shown an interest in this particular industry over the past few months. As such, criminals have an easier time launching nefarious projects and defrauding investors.
FTC Aims to Protect Cryptocurrency Investors
The FTC wants to pay special attention to several key business models. Deceptive crowd sales have become a very big problem in quick succession. The number of scam ICOs is not declining whatsoever. Until consumers conduct their due diligence, these projects will remain successful for some time to come.
During the upcoming workshop, the FTC will touch upon best practices in this regard. Scammers have come up with various ways to market old schemes but in a new way. As such, the agency is trying to crack down on this activity in an aggressive manner. This proactive stance toward protecting investors is another validation of how cryptocurrencies are here to stay first and foremost.
The bigger question is if the workshop will make an impact. Scammers often entice novice users with big promises and fancy websites. Protecting against such scammy behavior is not easy. Even a workshop by the FTC may not make much of a difference in this regard. Even so, an open dialog with the public is always of the utmost importance.
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