New Hampshire’s Cryptocurrency Integration and Scam Warnings
New Hampshire is making strides in the cryptocurrency world by integrating bitcoin into its financial framework; however, this popularity has also sparked a wave of scams.
On May 13, the New Hampshire State Treasury issued an urgent warning regarding fraudulent phone calls from scam artists posing as Treasury officials.
These scammers have been using a technology that masks their actual phone number to make it appear as though they are calling from the state treasury. They prey on unsuspecting victims by alleging that their identities have been compromised and encourage them to transfer their money into bitcoin as a misguided form of protection.
Fraudulent Activity Details
According to the Treasury’s statement, these con artists instruct victims to empty their bank accounts and send the funds to another account in the form of bitcoin, falsely assuring them this would safeguard their assets. The Treasury was clear in its communications that it never solicits payments or transfers in bitcoin and strongly advises anyone receiving such calls to hang up right away.
Individuals who fall victim to this scheme are urged to report the incidents to the Internet Crime Complaint Center (IC3), a division overseen by the FBI, as well as to contact their local police departments.
Legislative Developments
This alert comes on the heels of New Hampshire’s historic decision to incorporate bitcoin into its state financial strategy, officially passing the “Strategic Bitcoin Reserve” law on May 6. Signed by Governor Kelly Ayotte, House Bill 302 allows the state treasurer to invest a maximum of 5% of public funds into bitcoin and other digital currencies with a market cap exceeding $500 billion—bitcoin is currently the sole asset meeting this criterion.
This legislative move is part of a larger trend among state and federal entities exploring the potential of cryptocurrency, emphasizing the need for public education and vigilance to prevent fraudulent activities while integrating these digital currencies into the financial landscape.
