Recently, The Economic Daily warned readers about misleading information spreading that claimed banks could now swap “coins” for Renminbi (RMB). Many internet users apparently came across brief recordings that purportedly confirmed that bank offices were authorising transactions involving “coins.”
They stated that people making the claims had mistakenly identified a “-type Approval Master” integrated office window in a neighbourhood citizen service centre as a teller window in a real-world bank branch. The “coin” that is the subject of online discussion has nothing to do with this business.
Pi Coin, sometimes known as “Coin,” is a digital currency built on the blockchain and named after the Pi Network. A number of internet security organisations have issued risk alerts on the potential abuse of “Coin.” In particular, the practise of “free mining” of “Coin” has been connected to fraud schemes involving the sale of users’ personal information. The study from The Economic Daily is an essential warning against these scams and the propagation of misinformation about banking practises and cryptocurrencies.