Chinese banking regulator warns against fraud risks in the metaverse

After eradicating crypto trading and mining in the country, the Chinese government’s next concern lies with the growing number of scams around metaverse projects.

The Chinese Banking and Insurance Regulatory Commission issued a risk warning for the public against fraudulent metaverse projects. The notice highlighted how the buzz around metaverse had made it a primary target of scammers and fraudsters illegally raising money in the name of such projects and robbing people of their hard-earned money.