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Bank of Uganda (BoU) has warned the general public that the entity “ONE COIN DIGITAL MONEY” is not licenced by the BoU under the Financial Institutions Act, 2004 and is therefore conducting business outside the regulatory purview of the BoU.
The has opened up an office on the Fourth Floor, Mukwano Courts, Buganda Road, Kampala. The company is still in its formative stages but it is aggressively encouraging members to buy digital money and promising very high returns and rewards on ‘first-come-first-served’ basis.
‘ ‘Bank of Uganda warns the general public that whoever wishes to invest their hard earned savings in Cryptocurrency forms such as One-coin, Bitcoin, Ripple, Peercoin, Namecoin, Dogecoin, Litecoin, Bytecoin, Primecoin, Blackcoin or any other forms of Digital Currency is taking a risk in the financial space where there is neither investor protection nor regulatory purview. The public is hereby warned that whoever deals with “ONE COIN DIGITAL MONEY” does so at his or her own risk.’’ Statement from BoU read in part.
The BoU calls on the general public to do business transactions with only licensed financial institutions.
OneCoin is a digital currency, based on cryptography and created through a process called ‘mining’. Just like the serial number on a paper bill, each digital coin is unique.
Unlike money issued by governments, there is a finite number of OneCoins, ensuring they cannot be affected by inflation and are impossible to counterfeit. Because cryptocurrencies are not tied to any particular country or central bank, the value of the coin depends on factors such as usability, demand and supply.
When joining OneCoin, users become part of a global network of millions of OneCoin miners, who are able to choose among different ways to use their OneCoins. You can mine the coin and benefit from its value. You will also be able to make payments and transfer money to and from any part of the world.
OneCoin’s blockchain sets a new industry standard by storing KYC information. It runs every minute and is tailored to meet both customer and merchant needs.
With its finite number of 120 billion coins, OneCoin is one of the biggest reserve currencies worldwide