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Croatian Officials Address Cryptocurrency Fraud Concerns, Promote Caution and Regulatory Reforms Canva

Croatian Officials Address Cryptocurrency Fraud Concerns, Promote Caution and Regulatory Reforms

Written by  May 22, 2023

In the context of the recent cryptocurrency-related fraud that occurred in Croatia, journalists asked Minister of Finance Marko Primorac about when the market would be better regulated. He responded that several legislative initiatives and reforms are currently being worked on, including addressing this issue.

"We will strive to rectify certain damages and improve the situation beyond its previous state," he stated.

When asked about the cryptocurrency market, Boris Vujčić, the Governor of the Croatian National Bank (HNB), said that the HNB has been warning from the beginning that it is not regulated, and anyone involved should exercise extreme caution.

"We have made it very clear that if you enter that market, be prepared to potentially lose the amount you invest," Vujčić stated.

In the range of tens of millions of euros - that's how much a Rijeka-based cryptocurrency company is estimated to have defrauded its clients. What seemed like a good opportunity has turned into a nightmare. The company owners are unreachable, and the police are conducting an investigation.

Investment in cryptocurrencies has turned into enormous risk for hundreds of people. They invested money through a company in Rijeka, and now it appears they have lost everything. Losses are estimated in the tens of millions of euros. The affected investors have reached out to a blockchain association for advice.

 

The Voice of Dubrovnik

THE VOICE OF DUBROVNIK


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