Uganda’s Central Bank Issues Onecoin Warning

The Bank of Uganda (BoU) joins a long list of authorities around the world warning its citizens about Onecoin, the altcoin scheme prominently seen as a scam.

In a public notice to that serves as a “warning to the general public”, Uganda’s central bank explicitly states that the entity “One Coin Digital Money” is an unlicensed entity while plainly revealing the establishment’s whereabouts in Kampala, the country’s capital.

Unlike prominent cryptocurrencies, OneCoin is not based on a public ledger and its very claim of a cryptocurrency is questionable considering its centralized infrastructure and discreet code. OneCoin’s operator has previously stated that it operates in a “unique centralized model” with transactions recorded on a ledger that it manages. Investigative researchers have labeled OneCoin as a “pyramid scheme disguised as a new digital currency ”.

With its relatively new presence in Uganda, the central bank adds that the company and operator of Onecoin was “aggressively encouraging members to buy digital money and promising very high returns and rewards on ‘first-come-first-served’ basis”.

In no uncertain terms, the country’s sole monetary

Read more ... source: CryptoCoinsNews

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