In light of the activities of advertisement and sale of OneCoin, the product presented as a virtual or cryptocurrency, observed in the territory of the Republic of Croatia, the Croatian National Bank finds it necessary to warn the public about certain facts and the possible risks associated with this product:
- "OneCoin" is not electronic money within the meaning of the Electronic Money Act nor does it present a payment service within the meaning of the Payment System Act;
- Business entities issuing this type of product and trading in this product have not been authorised by the Croatian National Bank nor are their operations supervised by the Croatian National Bank;
- The funds invested in this product are not covered by deposit insurance system and the individuals deciding on this type of investment fully bear the risk of loss of the funds invested.
Several competent authorities of European Union countries warn of the risks that may arise from OneCoin. For instance, UK's Financial Conduct Authority (FCA) suggests that OneCoin is being investigated by the police (Beware trading virtual currencies with OneCoin), the Financial Services and Markets Authority (FSMA), a competent authority from Belgium, warns that neither OneCoin nor the persons promoting OneCoin have been recognised or authorised by the FSMA (OneCoin not recognized by the FSMA), and the Hungarian central bank (Magyar Nemzeti Bank, MNB) suggests that this might be a pyramid scheme and warns of the possible risks that may be associated with this fact (Fokozott kockázatot hordoznak a világhálón elérhető virtuális fizetőeszközök).
Bearing in mind the above-mentioned information, we advise citizens to exercise a high degree of caution when deciding on OneCoin product.