Crypto Technicals: LTC/USD trades weaker amid crypto market correction, finds strong support at 75.33 (200H MA)
Crypto Technicals: ETH/USD retraces brief dip below 200H MA, close above 5-DMA to see upside resumption
Crypto Technicals: Ripple (XRP) soars after partnership with National Bank of Egypt, hits 7-month high above $0.33
Digital Currency Revolution Series: Bitcoin Sets Strong Foundation For 2020 As Price Surpasses $10k And Heading For 5-Months Highs
Digital Currency/Stablecoin/Tokenization Series: Tokenized Assets Or Cryptos? Central Bank Of Russia Caught Between Two Stools
Cryptocurrency Derivatives Series: Deribit Unveils Ether Options To Expand Crypto-Derivatives Marketplace
Hungarian central bank announces working group to crack down on OneCoin digital currency
The Hungarian central bank has announced a working group that aims to step up its fight against OneCoin – a digital currency investment scheme that is being considered as fraudulent, CoinDesk reported.
The Magyar Nemzeti Bank (MNB) on Tuesday announced that the effort aims to crack down "certain elements of the alleged pyramid scheme". Last week, a number of governmental authorities held a meeting on Onecoin.
In addition to MNB, other agencies and institutions participating in the Market Surveillance Working Group include the Budapest Police's main office, the National Bureau of Investigation, the National Tax and Customs Administration, the Interior Ministry, the Prosecutor General's Office, as well as the Municipal Prosecutor's Office.
The central bank noted that OneCoin resembles a pyramid scheme which promises high returns. It also encourages participants to invite other investors.
The MNB’s efforts against OneCoin follows the German Federal Financial Supervisory Authority’s (BaFin) recently issued cease-and-desist order to keep any activity related to the digital currency out of the country.
Other financial watchdogs, including UK’s Financial Conduct Authority (FCA) and Belgium’s Financial Services and Markets Authority (FSMA), have issued warning again OneCoin in the recent past.