10 May 2018

Warning over cryptocurrency after company banned from Samoa

From , 5:01 am on 10 May 2018

Samoa's Central Bank is warning people to be careful when investing in cryptocurrency after it banned a company that had been promoting it in the country.

The CBS issued a directive to all financial institutions to block foreign exchange transactions related to OneCoin cryptocurrency last week.

It is the first time such a company has been banned from Samoa and CBS spokesman Siao Sioa told Tim Glasgow it was because OneCoin showed signs of being a pyramid scheme.

The Central Bank of Samoa

The Central Bank of Samoa Photo: RNZI/ Koroi Hawkins