YuanPay Group has put a lot of money and effort into advertising itself as the creator of China’s first cybercurrency and the only one to be backed by the Chinese government. The adverts are all over social media.

It is true that China has been considering its own cyber currency for years and may well invent it’s own such currency.

Cyber currencies from elsewhere are all banned in China as the Chinese government does not want a currency in use over which it has no control and cannot identify who has the currency.

If and when they do create a Chinese cyber currency it will under government control and far from anonymous as most other cyber currencies are.

The advertising by YuanPay claims that anyone investing in Chinacoin now will receive a return of many thousands of times their investment within a few months.

Not going to happen!

If you want to invest in any cyber currency – do take professional advice and only spend what you can afford to lose, as they are notoriously volatile.

If you have any experiences with these cybercurrency scams do let me know, by email.