OneCoin warning issued by the Bank of Mauritius

In what appears to be a response to solicitation of investment into OneCoin across the country, the Bank of Mauritius has issued a public warning.

Adopting a similar tone to warnings issued by central banks across the globe, on August 9th the Bank of Mauritius stated;

It has come to the knowledge of the Bank of Mauritius (the Bank) that members of the public are being solicited to invest in ‘OneCoin’, a purported cryptocurrency.

The Bank wishes to inform the public that ‘OneCoin’ and other cryptocurrencies are not issued or guaranteed by the Bank.

Users of cryptocurrencies are exposed to risks. The public is advised that exchange platforms for cryptocurrencies are unregulated.

The Bank will not accept any responsibility in case of any loss which members of the public may incur on account of any dealing in unregulated cryptocurrencies.

Repeated warnings like this highlight what makes Ponzi points schemes that masquerade as a cryptocurrencies, like OneCoin, particularly dangerous.

On the civil side of things regulation for this type of scam is non-existent. That leaves it up to authorities to investigate victim losses as a criminal matter, which is difficult seeing as OneCoin only has official business presences in Bulgaria and Dubai.

To date neither Bulgaria or Dubai have announced regulatory investigations into OneCoin or any of the shell companies it operates through.

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