Yuan Pay Group is the only company that is authorized to work with the yuan digital currency. The Chinese government gives permission for this. Until 2017, any company operating in China was prohibited from dealing with cryptocurrency. But since Yuan Pay Group claims to have a monopoly on digital yuan trading, it also enjoys full government support. But the creation of the Yuan Pay Group began about ten years ago. This company was established in 2010, right after the 2008 financial crisis. Since then, there have been some major changes in the way cryptocurrencies work. Today people prefer to invest in cryptocurrency.
Many people lost a lot of money with this method. And other websites where you can learn more about the Yuan Pay Group are also warning that this is a scam.
What is Yuan Pay Group?
Yuan Pay Group is a payment processing software operating around the world with offices in nine cities. It was established in 2010 and started to develop China’s national bitcoin in 2014. Anyone in any country can access it and use it for online transactions. In a short period of time, it has attracted many followers and a large population is investing in it.
It claims to cooperate with the Chinese government and complies with all the latest laws. The Chinese government allows digital transactions themselves and authorizes the Yuan Group.
How does Yuan Pay Group work?
Data from various sources indicate that the Chinese government may soon launch a government-backed cryptocurrency. Yuan Pay Group offers an artificial intelligence-powered trading platform to help you take advantage of launch volatility.
Yuan Pay Group Review: Is Yuan Pay Group a Scam?
Yuan Pay app development team claims that their product is very easy to use and, above all, has a modern and intuitive graphical interface. The Yuan Pay app is the first official Chinese digital currency trading app. The platform uses a very careful marketing strategy when “selling” its product. The system is currently capable of trading RMB, but depending on which broker you turn to when registering, other alternative cryptocurrency pairs and even some currency market pairs may also be added.
Our team has thoroughly investigated this possibility. It is already possible to invest in the Chinese yuan, even if it has not yet entered the market. Yuan Pay group can be a risk for you and also can be the reason for you to lose money. See below why…
6 Reasons You Should Avoid Yuan Pay Group:
There are many cryptocurrencies that have made their mark on the global market. But others still have room to move forward. Yuan Pay Group wants to take a leading position in the cryptocurrency market. Without a doubt, with such a lot of support, he will declare himself. But before he can continue to do so, he must prove that this is not a scam. Because there are rumors in the market that this is nothing more than a scam and people will risk their money by investing in it.
Malicious Program
The first of them were created back in the days of the emergence of electronic payment systems. Now their counterparts are adapted to the cryptocurrency market and can be activated wherever such an opportunity arises. The most common methods of stealing crypto coins are Ransomware, viruses, fake links, phishing.
Owners of digital money should be extremely vigilant and try to stay one step ahead of malware – use reliable antivirus protection, check all addresses and not click on suspicious links.
Lack Of Legal Framework
The situation is aggravated by the lack of an investor insurance system. They cannot claim compensation for losses, despite the fact that some of the exchanges are positioned and act like virtual banks. Bitcoins are intangible digital codes that have no ownership. If they are stolen from a virtual wallet, the owner can neither identify the thief nor prove their right to the coins. The situation is similar in the case when transactions were made in the name of an unscrupulous party.
No Guarantees For Damages
When carrying out transactions through the exchange, the user does not actually own the funds that are stored in his account – the assets belong to the exchange and are controlled by it. The site only provides access to them when you log in. Thus, the owner completely trusts his bitcoin wallet to a third party, relying on the security measures it takes to protect the money.
Volatility
This point should be highlighted separately. When there is such volatility, everyone starts giving advice on when to buy and sell. Of course, ideas can be good, but inexperienced market participants should step aside and wait so as not to lose everything at once. Digital coins can be a tool for generating high returns, but only in the hands of experienced investors.
Loss Of Secret Code
This is the access key to the bitcoin wallet. Loss of the code implies the loss of all assets that are stored in the wallet. This can happen if the hard disk of the PC fails or the flash drive on which the code is written is damaged. It is impossible to restore the code and return the money.
Erroneous User Transaction
A mistake when entering a code by only one digit or sending it to the wrong address also leads to losses. The transaction cannot be canceled, therefore the amount sent cannot be refunded.
Conclusion
Yuan Pay Group is unstable, not regulated by anyone, does not guarantee investor protection, is subject to extreme volatility, and is extremely attractive to fraudsters. The prospects for making money online can be as airy as the currency itself. Therefore, everyone who invests in bitcoin or carries out transactions with cryptocurrencies must, first of all, consider the risks in order to take the necessary measures. Only an integrated approach will help to effectively protect funds.
You can find out more about recent crypto scams on cryptoscam.info.
FAQ
Is Yuan Pay Group a scam?
There are many scams that have spread all over the place and robbed people of their hard-earned money. This is the reason why people always doubt beginnings that seem new to them. It’s the same with the Yuan Pay Group.
There have been many rumors about Yuan Pay Group and what it intends to do, but is Yuan Pay Group legal?
As far as our research is concerned, this group is scam, also there are positive reviews about them. There are also some Chinese billionaires who support this group.
Is there a Yuan Pay app?
Yuan Pay Group is very modern, high performance, eliminating the need for an app. By simply connecting to the Internet, using any browser, and working the same on their smartphone, be it Android or iOS, the user can use all the platform’s tools. However, we found that there is no dedicated Yuan Pay app that can be downloaded from app stores.