OneCoin, Bitcoin, Litecoin on Same Warning List by Bank of Uganda
Uganda’s Central Bank has issued a notice “warning” citizens who invest in cryptocurrency that they are “taking a risk in the financial space.” The Bank of Uganda, hereinafter BoU, warning, issued today and uploaded to Twitter, is specifically focused on OneCoin, a highly suspicious operation which many have suggested is a Ponzi scheme which recently opened an office in the country’s capital, Kampala. “The Bank of Uganda wishes to notify the general public that the entity "ONE COIN DIGITAL MONEY" is not licensed by the BoU under the Financial Institutions Act 2004 and is,....
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The Bank of Uganda (BoU) joins a long list of authorities around the world warning its citizens about Onecoin, the altcoin scheme prominently seen as a scam. In a public notice to that serves as a “warning to the general public”, Uganda’s central bank explicitly states that the entity “One Coin Digital Money” is an unlicensed entity while plainly revealing the establishment’s whereabouts in Kampala, the country’s capital. Unlike prominent cryptocurrencies, OneCoin is not based on a public ledger and its very claim of a cryptocurrency is questionable considering its centralized....
Recently, the Bank of Uganda has warned citizens against investing in cryptocurrencies, putting Onecoin and Bitcoin in the same trash buсket. What is behind the positions of governments of developing countries like Uganda and Nigeria? Before Uganda, such warnings have come out of some other developing countries like Nigeria. So today in Nigeria a lot of individuals now take extra care when making transactions in local banks for Bitcoin-related products or services. Users most often clearly advise depositors not to include such in the description of the purpose of a transaction, so as to....
African authorities need to differentiate between Onecoin and Bitcoin, as well as other cryptocurrencies, rather than always place them together when sending out notes of caution, some Bitcoin enthusiasts in Africa have said. Their comments come in the wake of a recent Bank of Uganda media campaign warning against investing in Onecoin. Similar to the one issued recently by the Central Bank of Nigeria, Uganda’s top bank says the Onecoin entity is not licensed under the Financial Institutions Act 2004 hence operating outside any regulatory purview. It also adds that whoever is investing in....
Uganda’s central bank is warning local residents about Onecoin, a digital currency scheme widely accused of being a scam. The Bank of Uganda published an advisory earlier today which called for consumers to be mindful of the risks of investing in digital currencies. Specifically, the notice highlights the creation of a company called "One Coin Digital Money" that has set up shop in Kampala. According to the central bank, "whoever deals with 'ONE COIN DIGITAL MONEY' does so at his or her own risk". The notice goes on to explain: "The company is still in its....
A top financial regulator in Belgium has issued a warning about OneCoin, a digital currency product that has frequently drawn fraud accusations. The notice, published this weekend, states that remarks from promoters that OneCoin has received the institution's tacit approval are "false and misleading". Despite the claims, the Financial Services and Markets Authority (FSMA) said that it had no regulatory powers to speak of in relation to digital currencies, and the note itself constitutes little more than a warning about getting involved with products like OneCoin. The notice....