Central Bank of Samoa Blocks All Onecoin Cryptocurrency Transactions

Directive released by the Central Bank of Samoa banning financial entities from engaging in Onecoin cryptocurrency exchange transactions.

The Central Bank of Samoa (CBS) has issued a directive to all financial institutions (predominantly Commercial Banks and Money Transfer Operators) to block all foreign exchange transactions related to Onecoin/ Onelife cryptocurrency promotion.

It has come to our attention that there are still a large number of people wanting to remit or transfer money out of Samoa to invest in this Onecoin cryptocurrency promotion. This is despite warnings by CBS that there is a very high risk that Onecoin cryptocurrency promotion is a pyramid scheme (an illegal money making investment).

Under the Exchange Controls Regulations 1999 no one shall take money out of Samoa without the approval of the CBS, therefore any transaction that involves money leaving Samoa must first be approved by the CBS.

As a result the CBS has decided to block all approvals for any transactions relating to the Onecoin cryptocurrency. This also ensures the protection of Samoa’s foreign currency reserves, which is at risk due to the high number of people wanting to remit money overseas for this get rich quick scheme.

This will remain in place until the CBS has assessed that there is no longer a risk to the public and our economy. Should you require any further details on this, please contact the Financial Intelligence Unit of the Central Bank of Samoa.

 

Document Details

Document Type: 
Doument Author (Entity): 
Authoring Country: 
Originating Country or Trade Block: 
Issue Status: 
Year of Document: 
2018
Date of Document: 
Thursday, May 3, 2018

Legal Disclaimer: The content appearing on this site is for general information purposes only and made available on an "AS-IS" basis. The law is subject to change and no representation or warranty is made with regard to accuracy or fitness for a particular purpose.