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Hungary's regulatory bodies to take action against OneCoin

Wednesday 10 May 2017 | 10:32 AM CET

Hungary`s regulatory bodies are determined to take action against OneCoin, a digital currency investment scheme believed to be fraudulent, according to CoinDesk.

The Magyar Nemzeti Bank (MNB), the country's central bank has announced that it is part of a large task force focused on cracking down on “certain elements of the alleged pyramid scheme”, the online publication continues. Among other Hungarian institution involved, we name the Budapest Police's main office, the National Bureau of Investigation, the National Tax and Customs Administration, the Interior Ministry, the Prosecutor General's Office, as well as the Municipal Prosecutor's Office.

OneCoin is an investment program centred around a supposed digital currency through which investors are promised huge returns on their purchases. Participants are encouraged to find other investors as well, drawing the allegation that OneCoin is little more than a fraud.

In April 2017, OneCoin’s services have been banned by BaFin, Germany`s Federal Financial Supervisory Authority.

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