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Canadian government sets up fake ICO TydeCoyn for citizens

canadian authority sets up fake ico for awareness

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Canadians will now be able to invest in a Cryptocurrency that will help with protecting the environment as well as boost the nation’s tourism. The tokens named as TydeCoyn are created by New Brunswick’s Financial and Consumer Services Commission to make this possible.

A blog post stated that these coins could be used to pay various ‘tour and trip operators in New Brunswick.’ The post also mentioned that the ‘rate of return on pre-ICO tokens was at 85% with the number expanding to 115%’.

The website also claimed that funds from each transaction sent a fraction of the sum to one of the various organizations that are working to improve wildlife conditions and global awareness considering the environment. Moreover, the project aims to make tourism sustainable for the environment.

However, this is not the first ICO to promise some local engagement with some social good as well. Many previous ICOs (including the ones that were scams) have done the same over the years. Unlike other ICOs, TydeCoin is not a scam but rather a fake.

By clicking on ‘Invest Now,’ the website takes you to an FCNB website page that tells that the ICO is a fake. This was set up by the government to educate the masses about the scams and frauds that pollute the industry.

The website specifically highlighted certain ‘red flags’ including ‘guaranteed returns,’ a ‘countdown clock’ and no disclosure of crucial information like the founders and the founders of the firm/project.

The government aims to aware its citizens that investing in cryptos come with a certain risk and unless the investor is willing to risk I he should not invest his funds.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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