Bank of Uganda issues fraud alert on OneCoin

Equity BANK

After Nigeria, Uganda is now the second country in Africa to warn its citizens about the dangers of investing their money into OneCoin.

OneCoin is a ponzi scheme marketed by its owners as a genuine cryptocurrency.

In an official statement, Bank of Uganda said it has not licensed OneCoin to carry out any financial services operations nor has OneCoin affiliate received any license.

The Bank of Uganda said OneCoin is a ponzi scheme that people should be wary of getting involved in.

Several other countries apart from Nigeria have issued fraud alert on OneCoin. Over the last three months, the activities of OneCoin has been exposed.

See the statement below:

Bank of Uganda (BoU) wishes to notify the general public that the entity “ONE COIN DIGITAL MONEY” is not licenced by the BoU under the Financial Institutions Act, 2004 and is therefore conducting business outside the regulatory purview of the BoU. The above entity’s website address is www.onecoin.eu and it has opened up an office on the Fourth Floor, Mukwano Courts, Buganda Road, Kampala. The company is still in its formative stages but it is aggressively encouraging members to buy digital money and promising very high returns and rewards on ‘first-come-first-served’ basis.
Bank of Uganda warns the general public that whoever wishes to invest their hard earned savings in Cryptocurrency forms such as One-coin, Bitcoin, Ripple, Peercoin, Namecoin, Dogecoin, Litecoin, Bytecoin, Primecoin, Blackcoin or any other forms of Digital Currency is taking a risk in the financial space where there is neither investor protection nor regulatory purview. The public is hereby warned that whoever deals with “ONE COIN DIGITAL MONEY” does so at his or her own risk.

The public is strongly encouraged to do business transactions with only licensed financial institutions. The list of these institutions can be viewed on the Bank of Uganda website (www.bou.or.ug).

Bank of Uganda assures the public that it will continue to safeguard the stability and integrity of the financial sector. For further enquiries, please call 0414-258441/6 or email us at info@bou.or.ug.