OneCoin, a centralized digital currency operated and managed by the OneCoin Limited is under investigation. The Financial Conduct Authority (FCA) of United Kingdom has warned the general public to refrain from trading OneCoin for fiat or other digital currencies.
All digital currencies aren’t made equal. The introduction of Bitcoin led to a debate concerning the legitimacy and trustworthiness of a decentralized digital asset, not governed by a single company or an organization. While Bitcoin, over time has managed to build trust, the same can’t be said for OneCoin.
OneCoin has been in the eye of multiple controversies and many people have raised concerns about the digital currency’s credibility. The recent media reports have also drawn parallels with OneCoin’s investment schemes which are found to be similar to those of various get-rich-quick, and multi-level marketing schemes. Few government organizations and private bodies in countries like Belgium and Sweden have also issued warning about OneCoin in the recent days. A combination of warnings and reports of alleged fraudulent practices on OneCoin’s part seems to have opened doors for an investigation by the London Police.
The warning on FCA website reads,
“We believe consumers should be wary of dealing with OneCoin, which