Bank Of Hungary Has Issued A Warning Regarding Scammers Selling Fake Libra Currency

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • Facebook announced the Libra Project in 2019, and it is yet to go live.
  • National Bank of Hungary hasn’t specified the name of the currency, but it is suggested that the currency involved is Libra.
  • The group announced that anyone who joins the group would be awarded free cryptocurrency.

Facebook announced the Libra Project in 2019, and it is yet to go live. However, in Hungary, people have already started selling Libra on pre-order. In case you come across such an offer DON NOT PROCEED. Recently, the National Bank of Hungary has issued a warning against scammers who are selling people Libra.

There have been reports of numerous foreign internet portals, such as Uplibra, Calibra, and Buylibracoins, which are offering Libra on pre-order. Libra, being associated with Facebook, is something that people could easily trust.

Till now, the National Bank of Hungary hasn’t specified the name of the currency, but it is suggested that the currency involved is Libra. The look of the website is strikingly similar to that of Facebook and that of official Libra. It has not been confirmed that these portals are being used for illegal activities.

The websites are offering Libra at a discount, and there is no assurance that Facebook will ever release Libra. Right now, the buyers can purchase the currency and put it in a non-existing wallet. The group announced that anyone who joins the group would be awarded free cryptocurrency.

Numerous portals look quite similar to the official ones and are being used by criminals to gain the private information of the buyers. The information not only includes names and photographs but sensitive information such as passwords and bank details as well.

Right now, Libra is in development hell, a stage during a project where it is not clear that it will go any further or get scrapped. Since the inception of the Libra project, most of its partners have left the group with Vodafone being the latest.

Libra has also been criticized by the central banks of multiple European nations. They claim that being a decentralized system under private ownership it would be hard for anyone to prevent Libra from being used for nefarious purposes such as money laundering and financing terrorists.

In a bid to take down Libra, these banks have come together to launch their separate Central Bank Digital Currency. To make matters worse, Facebook CEO Mark Zuckerberg recently said that Libra comes under the Libra organization, and Facebook is a separate entity.

At the moment, it seems that Libra would fail before its launch, and if that happens, the people who are buying these coins now will lose a lot. Even if Libra launches, the chances that these buyers will get anything are pretty low.

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