The groups offer “sophisticated investments” with bitcoin as part of a financial improvement. Pyramid schemes like Arbistar and Trust Investing are among those noted.
The Central Bank of Cuba released an informative note in which it spoke about the proliferation of alleged companies that promote “investments” with bitcoin (BTC) and cryptocurrencies. The local financial institution named up to at least six organizations that have neither authorization nor license to set operations in the country.
The monetary entity warned citizens that Mind Capital, Mirror Trading, Arbistar, Trust Investing, Qubit Life / Qubit Tech, and X-Toro, among other unnamed organizations, use misleading advertising through the internet to arouse interest between people.
The operations that these schemes use have little or zero trust and transparency and they hide behind apparently technical arguments, but devoid of content. All this, without there being a real economic asset or value to back it up, the bank said in the statement.
Recruitment of “Investors” in Bitcoin
According to the regulator, individuals play the role of agents and offer high returns in a short time in exchange for participants recruiting new members for the “business.” The method is designated by the bank as multi-level or pyramid scams, also known as Ponzi schemes.
It is this recruitment of new “investors” that the bank questions, especially since it is a question of schemes that are not possible to maintain in the long term. According to the institution, many international organizations work in the same way and end up in collapse because of the loss of investors’ assets.
The bank’s recommendation is to avoid every single operation of this type and if users have any questions, request more information at the following email at***************@bc.cu. Some of the organizations mentioned by the entity such as Arbistar and Trust Investing are being investigated in various countries.
About the Trust Investing case, three weeks ago its director, Ruslan Concepción, was arrested at the Havana airport for alleged “illegal economic activity.” The alleged company has also been identified by other regulatory bodies on a global scale such as the National Securities Market Commission of Spain (CNMV).
Bitcoin Will be Part of the New Economic Guidelines in Cuba
In Cuba, the Communist Party adopted BTC to play a relevant role in the new economic guidelines for the period between 2021 and 2026. Its leaders believe that bitcoin could help to solve the economic crisis that the country is currently facing.
The announcement was made by Mercedes López Acea, a member of the Political Bureau, which is the highest representative of the upper management of the PCC. The official indicated that, as part of the new guidelines, it will seek to improve and update the study of cryptocurrencies and their benefits for the current conditions of the Cuban economy.
Although there are zero details offered in this regard, it could be a first step in the future use of cryptocurrencies by the Cuban government. As reported by the official newspaper of the only political party admitted to the island, in addition to cryptocurrencies, other “strategic issues for the nation’s progress” were discussed.
By: Jenson Nuñez
