Even though a lot of people are aware OneCoin is a clear scan, the MLM program continues to attract a lot of people. In multiple cases, people will even go as far as dumping their life savings into this program, in the hopes of getting out with a fat paycheck. The Bank of Uganda has issued a public wanting against the usage of OneCoin, putting another nail in the coffin of this Ponzi Scheme.
Uganda Frowns Upon OneCoin’s Ponzi Scheme
It is not the first time OneCoin is scrutinized by a bank or regulators. Italy has publicly deemed OneCoin a scam, and the United Kingdom launched an official investigation to get rid of this Ponzi Scheme once and for all. The Bank of Uganda has issued a very clear warning to OneCoin as well, deeming the company is “conducting business outside of the regulatory purview of the BoU”.
In fact, it appears the Bank of Uganda is taking a rather hostile stance towards this notorious pyramid scheme. That is a positive development, as projects such as OneCoin need to be eradicated from this planet sooner rather than later. Issuing a public warning about this scheme is the first step towards making that a reality. OneCoin is not licensed under the country’s Financial Institutions Act and is therefore an illegal investment scheme.
Interestingly enough, the message speaks of how OneCoin opened up an office in Uganda. To be more precise, they are located in Kampala, one of the country’s most prominent cities. Right now, OneCoin is effectively and aggressively trying to recruit new members to join their pyramid scheme, which caught the attention of the Bank of Uganda.
Moreover, the article also speaks of how OneCoin should not be trusted and acts on a “first-come-first-served” basis. This further confirms OneCoin is a major Ponzi Scheme that needs to be avoided at all costs. Uganda is home to a lot of people living in poverty and schemes like OneCoin will only make matters worse for people going through desperate times already. The Bank of Uganda wants to warn the general public about Ponzi Scheme so no one loses money in the process.
As one would come to expect, the warning issued also relates to Bitcoin, Ripple, Dogecoin, and any other form of cryptocurrency trying to take hold in Uganda. None of these currencies are endorsed by the bank or the government, albeit they are not illegal either. There is no investor protection for people venturing into legitimate cryptocurrencies and especially not for those who throw their money away by investing in OneCoin and other pyramid schemes.
For the time being, the Bank of Uganda will continue to monitor the OneCoin situation in the country. If things are to continue in this unlicensed fashion, it is not unlikely the government will take a much harsher stance. While that may not necessarily lead to arrests of any kind, it is evident Uganda does not like OneCoin one bit. Nor should they, as the scheme is only designed to make people lose their hard-earned money.
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