Financial Scam Victims Easy Target as Japan Lowers Legal Adulthood Age
- Crypto investments may make you a fortune by the time you’re 20 years old.
- Six months after investing, he could not obtain the promised profits.
Having the legal age of maturity in Japan reduced from 20 to 18 in April is expected to increase the number of young individuals who become victims of fraud using cryptocurrencies, such as tiered marketing schemes. According to experts, lawmakers are urging legislation to terminate contracts that take advantage of the lack of financial literacy and judgement of 18- and 19-year-olds because of their status as minors.
Tokyo’s Metropolitan Police Department detained seven persons in November 2021 for allegedly breaking the Financial Instruments and Foreign Exchange Act after reportedly generating about $662 million in bitcoin assets by promising significant returns on investments.
Cryptocurrency investments may make you a fortune by the time you’re 20 years old, according to suspects in recruitment videos. The National Consumer Center of Japan received roughly 70% of the inquiries regarding the program from persons aged 10 to 29.
Hard Earned Money Lost
In January 2020, an older student at a school club persuaded a 22-year-old college student from western Japan to invest in the program. Once a week, he was informed, he might earn money by tapping on his smartphone screen.
The older student’s Instagram post containing photos of wads of high-end banknotes and restaurants, boasting about generating 4 million yen each month, changed his mind, though he was first suspicious.
Approximately a month later, the student gave 300,000 yen that he had earned from working part-time in the investment program and urged others to join them. However, six months after investing, he could not obtain the promised profits.
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