Published On: Wed, May 10th, 2017

Hungary’s Central Bank Cracks Down on OneCoin

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Hungary is the latest to take legal action against OneCoin as the country’s central bank organizes task force against the cryptocurrency scheme.
The OneCoin Task Force
Following India and Germany, Hungary is the most recent country to mount a crackdown on the OneCoin scheme. Following several warnings issued regarding the nature of dangerous nature OneCoin, the Hungarian central bank, Magyar Nemzeti Bank (MNB) is now assembling a task force aimed at dismantling the OneCoin operation.
Announced yesterday, the task force will be comprised of several agencies and institutions. The (translated) statement reads:
Several departments of the Ministry of the Interior, the Budapest Police Headquarters, the Chief Public Prosecutor’s Office, the General Prosecutor’s Office, the National Taxation and Customs Administration, The National Police Headquarters and the Joint Market Advisory Working Group of the National Bank of Hungary (MNB).
This new development doesn’t come as a surprise, given the three warnings issued by the MNB throughout 2016 and 2015 and the recent Onecoin-related arrests in India. In the announcement made by Hungary’s Central Bank, OneCoin’s model is described as being “similar to the pyramid scheme”. The statement reads:
Simply …

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