Maldives Monetary Authority Speaks out on Fake Crypto News Reports

Alan Wass

The Maldives Monetary Authority (MMA) has spoken out to deny fake crypto news reports in regards to crypto trade licensing. The MMA has categorically denied that the Maldives Central Bank has approved crypto-asset transactions across its waters.

Fake crypto news reports have been rife in 2018. Even major corporations such as Samsung, Starbucks, and Facebook have been caught up in fake crypto news articles this year and had to publicly deny claims.

MMA Releases Statement to Clarify Position

The Maldives Monetary Authority has warned its citizens about fake news stories and misleading ads on Facebook that said the Maldives Central Bank has approved crypto trading. 

In a recent press release, the Maldives Central Bank warned its users about making crypto-asset transactions, adding that the bank was only responsible for its licensed money exchange and would not support crypto. The MMA has now come out to reinforce this ethos in the face of the misleading news report.

The MMA has clarified its position by reiterating that:

“The issuance of any legal tender by any other party is against the law. No party has been granted permission to conduct any financial transactions using cryptocurrencies or other virtual currencies in the Maldives.”

Fake Crypto News in 2018

Some say that 2018 has been the year of fluctuating crypto-asset prices, while others believe it has been the year of fake crypto news and crypto-crime. Some of the largest companies in the world have been caught up in fake crypto news stories this year.

Electronics giant Samsung was supposedly accepting crypto payments across its Baltic stores earlier this year, a story which was subsequently revealed to be false. The company contacted crypto news sites who ran the article and asked them directly to remove the fake news stories.

In August of this year, crypto news websites were reporting that Facebook was in the early stages of creating a crypto using Stellar, which was also refuted by the social media platform.

Also in August, respected news outlet CNBC reported that Starbucks was also accepting crypto as payment for their caffeinated products. This story also later turned out to be false - undescoring the fact that both mainstream media and smaller outlets can fall prey to the fake news cycle.