Apr 23 / 2017
Latest News / Editorial/

MFSA releases public warning on OneCoin

The governing financial regulating body The MFSA has released a warning to the public stating that the operators of a Facebook page and associated website promoting the cryptocurrency “OneCoin” are not regulated or authorized entities. OneCoin was founded by Dr. Ruja Ignatova, a Bulgarian company.

Although 2017 has seen the inherent rise of the cryptocurrency across the globe, the MFSA stated that OneCoin “Is not a currency issues by any Central Bank or by any other public authority”. Despite the decentralized currency promoting opportunities to invest trade and even mine in OneCoin, throughout social media.

Highly regarded previously as a fraudulent entity, late 2016 saw Italy ban OneCoin. The Italian Competition Authority (L’Autorità Garante della Concorrenza e del Mercato) ordered to freeze all operations from OneCoin parent company (One Network Services Ltd.), describing the service as a multilevel scam. Authorities from countries such as Sweden, Finland, Bulgaria, Latvia, and Norway are said to be actively investigating OneCoin over fraud allegations, with the Bank of Hungary labeling it a “Pyramid scheme”.

On the contrary, in February at the CEPS Lab ideas conference in Belgium, Maltese prime minister Joseph Muscat stated that “Cryptocurrencies could be slowed but not stopped and some financial institutions are painstakingly accepting the fact that the system at the back of such transactions is much more efficient and transparent than the classical ones,” Muscat proposed the notion that Europe should become the first bitcoin continent.

Rather than resist he added, “European regulators should innovate and create mechanisms in which to regulate cryptocurrencies, to harness their potential and better protect consumers, while making Europe the natural home of innovators” Muscat’s comments exemplify that the EU is not a union state but rather a Union of individual states that reflect varying beliefs and opinions.

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