The Central Bank Of Samoa Investigates Onecoin Cryptocurrency Investment Scheme!

A company dealing with Cryptocurrency denied its official presence in the country when the investigation began by Samoa authorities for money laundering. The country’s central bank says that the inquiry into money laundering is going on with two Samoa churches which have reportedly invested in banned Cryptocurrency. In Samoa, Money laundering individuals have levied a maximum penalty of 15 years of Imprisonment either a maximum fine of $374,000, or a combination of both fine and Imprisonment. A warning has been issued to people by CBS (The Central Bank of Samoa) to be very cautious in investing money in Cryptocurrency after the bank has prohibited a company promoting a banned cryptocurrency. Investigations have been carried out by The Central Bank of Samoa against the Onecoin Cryptocurrency Investment plan. Currently, one of the controversial name in the market is Onecoin, which was connected with Bitconnect (which was an open-source cryptocurrency combined with high yield investment program).  Onecoin has shut down its operation a few months back. Italy imposed a fine of 2.59 Million Euros on this platform for utilizing Pyramid Tactics in 2017. The Samoa Central Bank intends to check whether the existing customers have been a victim of fraud, as the company has been targeting new customers for its operations. Onecoin’s sales agenda to its prospective customers is rather weird, as it promises ten times of the Return of Investment (ROI) in four months, which is a clear indicator of Pyramid Scheme. In an Interview, Central Bank of Samoa’s Governor, Maiava Atalina Ainu’u-Enari said, This is a snare that is used to catch people’s money. You invest $1,000, and then in four months, your cash is ten times more, which means you cash in $10,000. The official statement released by The Central Bank of Samoa warns the investors to be more cautious about these Ponzi schemes and to be more careful while investing money in Cryptocurrencies. The bank also specified that it had not approved any business relating to Cryptocurrency in the state. Many Countries around the world have been limiting on Deceitful cryptocurrencies and multilevel pyramid schemes which might take the form of investment in Cryptocurrency. One name which has been controversial around the cryptocurrency industry is Onecoin. Some nations have launched investigations – Bulgaria, Finland, India, and Italy on Pyramid Schemes. Samoa is the latest addition to these countries to join the fight against Onecoin. Cryptocurrency News