OneCoin investment in Samoa has set off alarm bells, prompting the Central Bank to direct financial institutions to block investment into the scheme.
As per a media release published on the Central Bank of Samoa’s website on May 3rd;
It has come to our attention that there are still a large number of people wanting to remit or transfer money out of Samoa to invest in this Onecoin cryptocurrency promotion.
This is despite warnings by CBS that there is a very high risk that Onecoin cryptocurrency promotion is a pyramid scheme (an illegal money making investment).
As a result the CBS has decided to block all approvals for any transactions relating to the Onecoin cryptocurrency.
This also ensures the protection of Samoa’s foreign currency reserves, which is at risk due to the high number of people wanting to remit money overseas for this get rich quick scheme.
Samoa’s OneCoin ban will remain in place until
CBS has assessed that there is no longer a risk to the public and our economy.
Throughout 2017 and leading into 2018, OneCoin collapsed in all but a few third-world countries.
If large numbers of investors commit funds to OneCoin’s dodgy offshore shell companies, the realization of a loss could have a devastating impact on smaller economies.
With a total population of just under 200,000, Samoa falls under that category.