The regulator said that the company is not authorized to operate, nor offer investment plans to Paraguayans.
As a way to protect its citizens, the National Securities Commission of Paraguay (CNV) recently issued an alert to Paraguayans about a company that is not authorized to operate within its territory.
This is BTCInvestimiento.com, a company that offers its services for investments with bitcoins. The warning assured that the company is not registered in any of the regulatory entities of the country and that it does not enjoy the legal and trust acceptance granted by the state.
According to the CNV, the company set up advertising spaces on social networks and in the media where they offered investment plans involving bitcoins, which the regulatory and supervisory body does not approve or endorse without proper authorization. The alert was disseminated through the CNV’s Twitter account, where they also added that they did not know of this company.
When verifying the web address of this company, it was found that the page is offline. Despite this, some Paraguayan media reported that among the investment plans the company promises profits of 1% up to 2% daily for 300 days, inviting citizens, in this way, to invest BTC in their system.
Among the promotional messages published by the company to attract investors, it is detailed that the company is entirely Paraguayan and that they are dedicated exclusively to cryptocurrency investment. “BTCInvestimiento.com, a 100 % Paraguayan cryptocurrency company located in Paraguay. Invest, buy and sell bitcoin with BTC Investimiento”, says one of its commercials.
According to the country’s regulatory body, when the company makes available to citizens plans to invest using a type of contract, an offer of securities is already being made. Is also says that to perform such an action, it is necessary to have the registration and authorization of the CNV. Besides, the company must be registered in its system to be checked and certify that they meet all the requirements required by law.
The central intention of the warning is to notify people who seek to invest in these types of assets so that they can avoid falling into companies which seek to cheat with misleading offers. They also emphasized that operations are not authorized and that they may run the risk of loss of investment.
This news arises a few months after Sebastián García, who is a deputy member of the Patria Querida political party, reported that they hope to write and approve, by the end of 2020, a law that regulates the environment of cryptocurrencies in the Latin American country. To this point is added the control actions for these companies.
Currently, the government’s position regarding these assets is neutral and it hopes to regulate and establish a law that accepts the use of cryptocurrencies. However, several companies in the country offer these services to Paraguayans, such as LocalBitcoins, AirTM, Bitex, eToro, and others.
By María Rodríguez
