Portugal’s central bank, warned onecoin

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Biba munda
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Portugal’s central bank, warned onecoin

Post by Biba munda » Tue Dec 05, 2017 4:49 pm

The Banco de Portugal (BdP), :cry: :cry: Portugal’s central bank, recently joined a long list of authorities around the world that warned its citizens on OneCoin, the purported altcoin scheme widely seen as a scam.

In the warning, the country’s central bank revealed that three organizations, OneCoin Network Limited, OneCoin Limited, and One Network Services Ltd, from Belize, Dubai, and Bulgaria respectively, aren’t, and have never been, allowed to receive deposits or other repayable funds in the country. The warning applies whether the organizations are acting under their own name or through third parties under the names “Onecoin” and “Onelife.”

The financial regulator added that these organizations aren’t allowed to perform any financial activity under its supervision. Unlike prominent cryptocurrencies, OneCoin isn’t based on blockchain technology, which makes its claim of being a cryptocurrency questionable, as it has a centralized infrastructure and discreet code.

OneCoin’s operator has previously stated that it has a “unique centralized model” with transactions recorded on a ledger that it manages. Instigative researchers labeled OneCoin a “pyramid scheme disguised as a new digital currency.”

The scheme isn’t new in Portugal, as consumer protection organization DECO had already warned potential investors that OneCoin is not a cryptocurrency, but a pyramid scheme where recruiters receive money from new members.

Per the organization, OneCoin promotion in the country has mostly come from Brazilian websites and Facebook pages advertising hotel meetings – the pyramid scheme’s modus operandi. One such page, targeting Portugal, Brazil, and Spain, has nearly 15,000 followers and essentially publishes a promoter’s content.

The promoter, which also uses YouTube, has a video titled “OneCoin guaranteed success,” in which he claims the number of coins in circulation is about to double but adds that their value won’t go down. In another video, he boasts of being in a different country every single week thanks to the success he’s achieved but neglects to mention where the money comes from.

Portugal’s central bank warning comes at a time in which bitcoin hits a new all-time high eyeing $12,000. The cryptocurrency’s surge has led a plethora of new investors to research cryptocurrencies, some of which could potentially end up investing in OneCoin thinking they were entering the cryptocurrency ecosystem.

In Europe, the Belgian Financial Services and Markets Authority was among the first regulators to issue a warning against OneCoin, in mid-2016. Months later, the UK’s Financial Conduct Authority issued its own warning, pointing to an investigation by the City of London Police into the scheme. Since then, financial regulators throughout the world have been issuing warnings, with some cracking down on the scheme.

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Re: Portugal’s central bank, warned onecoin

Post by Igorkrnic » Thu Dec 07, 2017 4:29 am

What is the point of this ?

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Re: Portugal’s central bank, warned onecoin

Post by Igorkrnic » Thu Dec 07, 2017 5:16 pm

I already wrote about it up there on the Warnings topic:
http://onecoin-debate.com/viewtopic.php ... 1947#p1947

UPDATE: November 27. 2017 - Portugal:

This post will address to the document issued by Bank of Portugal issued on November 27. 2017.
Original document can be seen here.
Banco de Portugal warns that OneLife Network Limited (Belize), OneCoin Limited (Dubai) and One Network Services Ltd (Bulgaria), acting in their own name or through third parties, under the trading name “Onecoin” and “Onelife”, are not on this date and never were authorized – in Portuguese territory – to accept deposits or other repayable funds (nor to carry on any other financial activity subject to the supervision of Banco de Portugal).
Yet again we have "known" blogs reporting as Onecoin is illegal in some country yet their articles are nothing but a lie and an insult for people who bother to read it.
If we read what is said we can understand something different. This is simple document stating that Onecoin / Onelife is not authorized to conduct any financial services that are subjected to the supervision of Bank of Portugal. It is the "call" for the company to obtain a license before public trading of the coin. It is the same as in Germany and Austria.
They will need a financial license to do that and this is why there is a plan to open one global exchange and many smaller who will have licenses in certain countries to serve people from those countries. But this is for future.
In past and present, they were selling education products via global mlm company and that is hardly illegal or subjected to the supervision of the bank.
The acceptance of deposits or other repayable funds as envisaged in Article 4 (1) (a) of the Legal Framework of Credit Institutions and Financial Companies (approved by Decree-Law No 298/92 of 31 December 1992), may only be performed by authorised undertakings, as laid down in Article 10 of the Legal Framework, whose [url+https://www.bportugal.pt/en/entidades-autorizadas]list is available for consultation on Banco de Portugal’s website[/url]
Here we can clearly see that Onecoin will need to obtain a license before public trading and they even put the link where we can see the list of authorized financial companies. Those are all companies offering some kind of financial services and Onecoin is not yet at that stage cause ONE is given for free now. When public trading starts, they will need to comply with this law in Portugal.

But more important is that this is one more country that is aware of Onecoin.

Here we can see that they had many such articles for various companies.
https://www.bportugal.pt/en/search/node ... authorised

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