Avoid One Coin cryptocurrency, says Samoa PM

Samoa PM Tuilaepa Sailele Malielegaoi. Picture: RNZ

APIA, 18 OCTOBER 2018 (SAMOA OBSERVER) – Samoan Prime Minister Tuilaepa Sa’ilele Malielegaoi has again cautioned the public against investing in the One Coin cryptocurrency.

“We have had people from overseas who came here to promote this scheme and we had them visit the Central Bank of Samoa (CBS) and the end result was that this is just that – a scheme.”

“The Central Bank cautioned against the One Coin scheme and we should avoid it,” he said.

Tuilaepa said people are easily attracted with the end result of an investment and it should be avoided at all costs.

Earlier this year Central Bank Governor, Maiava Atalina Ainu’u-Enari, explained that the scheme is alleged to involve people and organisations in Samoa, who use local agents to collect people’s money in the hope of windfall returns.

“You invest $1,000 (US$379) and then in four months, your cash is 10 times more, which means you cash in $10, 000(US$3,800). This is a snare that is used to catch people’s money.”

In assuring that they mean business, the Central Bank of Samoa issued a directive to all financial institutions (predominantly commercial banks and money transfer operators) to block all foreign exchange transactions relating 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 Central Bank of Samoa that there is a very high risk that Onecoin cryptocurrency promotion is a pyramid scheme (an illegal money making investment).

Under Samoa’s Exchange Controls Regulations 1999, one one can take money out of Samoa without the approval of the Central bank of Samoa.”