Crypto currency Onecoin — ban in Russia

OneCoin is a MLM system launched by Ruzha Ignatova, One Coin Limited (Gibraltar), January 20, 2015. OneCoin is represented by the company as an analogue of the Bitcoin system, but it has significant differences from what is usually considered a crypto currency:

  • OneCoin lacks a peer-to-peer network;
  • The operations are available only in the electronic personal account on the company’s website;
  • Full control over the database is with the issuing company.

The electronic edition CoinTelegraph (English) Russian, specializing in questions of crypto currency, believes that this project has signs of a financial pyramid.

Russian legislation is already skeptical of all innovations, and the crypto currency is not exclusion. A crypto currency Vankoin officially received a ban in Russia from the Ministry of Finance (the Ministry of Finance), because by all signs this system resembled a standard MMM pyramid, which, incidentally, is illegal not only in Russia, but in several other neighboring countries.

The article is in the translation stage, and is still being updated. I’m sorry for the mistakes. Good reading.