In this review, we explain why YuanPay Group is a cryptocurrency sccam that cannot earn you any profits and why you have to stay away from it.
What is Yuan Pay Group
Cryptocurrencies are changing the world, and not only individuals but also companies, governments and central banks around the world are responding to this fact.
China’s central bank was one of the first to respond, launching its own digital currency.
YuanPay Group claims to be the only authorized distributor of this national Chinese cryptocurrency and that you should invest in it. Its price is reportedly very low now, so there is the potential for a huge return on investment.
YuanPay encourages you to open a trading account, deposit money into it, and invest that money in the digital yuan.
Is it worth doing, is Yuan Pay Group legit?
Yuan Pay Group scam
Unfortunately, investing money through YuanPay Group equals to a certain loss of money because it is a scam.
It is exactly the same scam as the one that entices you to invest in the Swedish national digital currency eKrona.
YuanPay Group is fake
It is true that China’s central bank has long been working on a digital version of the national currency yuan. It is even so far that a pilot has been running since last year and citizens can pay with the digital yuan within selected locations and projects.
But it is a digital currency issued by the Central Bank of China, which is its exclusive issuer and distributor.
Yuan Pay Group is a fraudulent entity that has nothing to do with China, its central bank and digital currency!
Just go through the official Yuan Pay website and you will see that it is a completely anonymous company that is not registered anywhere, let alone regulated as required by law.
Not an investment anyway
Imagine that you actually get the real opportunity to buy China’s national digital currency, which is issued by the central bank. Which you don’t have, but let’s imagine for a while that you do.
Even so, it would not be an investment that could bring you profits. This is not a typical cryptocurrency, but a digital currency whose value will always be equal to the yuan. And national currencies are not assets to invest in with the expectation of a dramatic appreciation.
Have you ever considered investing in the US dollar, for example, with the vision that your money would multiply several times over? Certainly not, because the US dollar is a stable fiat currency, which does not offer any great appreciation.
And if the central bank of your country issues a digital version of you national currency, will you invest in it? No, because it is not an investment asset, it is just money in digital form.
And this is the principle of digital currencies issued by central banks (CBDC), they are always just digitized national currencies whose value is equal to the value of the national currency. It is just another (non) physical form of traditional money, it is not different money.
Fake reviews and testimonials
On the Yuan Pay Group website, you will find statements from celebrities such as Richard Branson, Elon Musk or Peter Thiel, who allegedly support or plan to invest in the Chinese digital currency. Of course, they are all fake.
The names of famous people are regularly misused by fraudsters, this is not the first or last case.
Know that any recommendation of any celebrity and any positive testimonial about investing with YuanPay Group is a hoax, completely fake and fictional.
Yuan Pay Group is a complete scam that has never made anyone money to anybody, nor can it.
How Yuan Pay Group really works
You may be wondering how YuanPay Group works and why it came into being when it offers an investment in the Chinese digital currency that is not even possible.
In fact, it’s all just a fairy tale to lure you into a trap. If you register with Yuan Pay Group, you will be immediately redirected to the arms of an unregulated and dubious broker, currently Inertia Finance.
Of course, this broker does not offer the digital yuan because it cannot, as we have already explained. The task of this broker will only be to make you deposit you as much money as possible in your account, so that they can then share it as loot with the people behind Yuan Pay Group.
Typically, these scams will also show you fake profits on your online trading account and tell you to deposit even more money for even more profits.
But when you want to withdraw anything, they come up with all sorts of fake fees and taxes that you have to pay in advance so that you can withdraw money. As if it was impossible to take them off your profits if they were real.
All the money you send them will be lost. And none of your withdrawals will go through, all payments will be made in only one direction, from you to them.
If you have already invested money in YuanPay Group, try to get it back as soon as possible. Ask for a withdrawal and, if refused, threaten to complain to the authorities and the police.
If your funds can’t be withdrawn, contact your payment provider to request a refund. For example, if you sent money via a credit card, contact your bank to request a chargeback.
Yuan Pay Group Review – Conclusion
YuanPay Group is a complete scam, you cannot invest in the Chinese digital currency. And even if you could, the Chinese yuan is not an investment asset, it’s a national currency, so it’s all nonsense. Avoid it!
If you are interested in investing in real cryptocurrencies, you can first try it on a free demo account with a regulated company. You will get virtual money to try it out.
If you ever decide to invest real money, first make sure you understand the risks well and that you have a well thought out strategy.