“OneCoin” investment warned

[rooster59]

“OneCoin” investment warned

 

The Finance Ministry has warned the people not to invest in the so-called "OneCoin" digital currency as there is high risk of being decieved and investors could lose their money.

 

The ministry believed the electronic money investment might be same as the Ponzi scheme.

 

Warning by the ministry came amid there is report that more people are investing in the digital currencies, notably people in the Northeast.

 

Since April 1 this year, the ministry has received no less than 27 complaints involved with Ponzi Schemes. Most of these cases have occurred in the northeastern provinces of the country.

 

Surasak Pichit-Pajongkij, the executive director of the Bureau of Financial Inclusion Policy Development of the Fiscal Policy Office with the Ministry of Finance, warned that at present a large number of Thai investors, mostly in the northeastern provinces, have been fooled into investing in OneCoin.

 

These people have been attracted by the promise of 10 – 60% returns which Mr Surasak states amounts for naught as crypto currencies are not legitimate currencies and therefore cannot be converted.

 

This not only applies to Thailand but also other countries which does not recognize these crypto currencies, he said.

 

Full story: http://englishnews.thaipbs.or.th/onecoin-investment-warned/

 

 

-- © Copyright Thai PBS 2017-04-29

[edwinchester]

I have several Thai friends who have bought into Onecoin and are convinced they will soon be millionaires despite the worlwide warnings, the closed exchange, the lack of public blockchain, the constant closure of bank accounts, the scam deals in their own online market etc etc

 

[anon467367354]

people around the world are being arrested for this onecoin so called business.

Funny to hear only "be careful" when it has totally been proven to be a scam.

[scandinavi]

Important clarification: Onecoin is not crypto currency.

 

"He said OneCoin are nothing more than electronic money (crypto currencies)."

 

Bitcoin is real crypto currency but I dont recommend investing in it either. It is just a currency. One can use bitcoin for example in case you want to send money abroad. You can buy bitcoin with thai baht, send bitcoin to your friend abroad and he can change it to his local currency.

 

Onecoin is not crypto currency and can not be used in the same way. Onecoin is a ponzi system.

 

[maisodni]

Onecoin is indeed NOT a crypto-currency.  It is proprietary product sold via a Multi-Level Marketing scheme, whereby "members" are financially rewarded for signing up additional members "down-line:"  And - like all other MLM systems, it is indeed a Ponzi scheme.

 

You can go through the full list of crpto-currency market capitalization figures at https://coinmarketcap.com/ and you will not find Onecoin listed.  

 

Stay way from Onecoin.