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MFSA issues warning about virtual currency OneCoin

OneCoin not regulated by any Central Bank, watchdog warns

The operators of a website and Facebook page promoting a virtual currency named 'OneCoin' are not regulated or authorised entities, Malta's financial watchdog has warned.

The MFSA also warned the general public that OneCoin "is not a currency issued by any Central Bank or by any other public authority".  The website and Facebook page in question offer users the opportunity to invest in, mine, trade, use and benefit from the value of OneCoin. 

Warnings about OneCoin being a Ponzi scheme abound on the internet, with London police investigating the cryptocurrency and Italy having banned it late in 2016. 

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