OneCoin, Bitcoin, Litecoin on Same Warning List by Bank of Uganda

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Uganda’s Central Bank has issued a notice “warning” citizens who invest in cryptocurrency that they are “taking a risk in the financial space.”

The Bank of Uganda, hereinafter BoU, warning, issued today and uploaded to Twitter, is specifically focused on OneCoin, a highly suspicious operation which many have suggested is a Ponzi scheme which recently opened an office in the country’s capital, Kampala.

Bank of Uganda warns on #cryptocurrencies. Over- #regulation hurts #finance product #innovation & #FinancialInclusion@BOU_Official#bitcoinpic.twitter.com/aANQS9coOZ

— Silver Kayondo (@SilverKayondo) February 14, 2017

“The Bank of Uganda wishes to notify the general public that the entity "ONE COIN DIGITAL MONEY" is not licensed by the BoU under the Financial Institutions Act 2004 and is, therefore, conducting business outside the regulatory purview of the BoU,” it states.

OneCoin has made gains in many countries over the past two years, despite significant negative press coverage and warnings from other countries’ central banks and inability to provide sound financial proof of its claims.

However, the BoU continues that all cryptocurrencies fall into this “unregulated” category, appearing to draw no distinction between OneCoin, Bitcoin, Litecoin and other legitimate assets.

“The public is strongly advised to do business with only licensed financial institutions,” it continues.

Cointelegraph has sought to advise readers to exercise extreme caution when dealing with OneCoin and to stay away if possible.

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