Concerns about cryptocurrency and virtual currency business in Nghe An

(Baonghean) - In Vietnam, investment and trading activities in virtual currencies such as Bitcoin, Onecoin... are on the rise, with complex developments, expanding from big cities to the Central and Central Highlands provinces... Through monitoring, there are currently more than 100 people in Nghe An participating in the system and players in Nghe An are advised to withdraw money at the Branch of iDiC International Development Investment Joint Stock Company - Phong Dinh Cang Street (Vinh City).

1 website introducing Onecoin trading activities.

How to play to get virtual money Onecoin, Bitcoin...

Recently, trading and investing in virtual currency and cryptocurrencies has become increasingly popular in many countries and has become a new trend in the world financial market, with hundreds of cryptocurrencies, the most popular of which are Bitcoin, Onecoin... In Vietnam, there are no legal regulations and no state agency is responsible for the risks from these activities.

A provincial police officer said: To join Onecoin, players need to register to join on the website: https://www.onecoin.eu/ with a fee of 30 euros. Next, players need to pay an additional 100, 500, 1,000 euros... to participate in "financial courses" and will be given back an equivalent amount converted into onetoken units (currently, 0.1 euro = onetoken, token is also a currency unit in online business) and can choose from a number of courses from basic to advanced to earn a lot of Onecoin.

Onecoin financial courses include: Starter course 4.43 million VND, 1,000 tokens given; Trader course: 17.98 million VND, 5,000 tokens given; Pro Trader course: 35 million VND, 10,000 tokens given; Executive course: 103.2 million VND, 30,000 tokens given; Tycoon course 171.4 million VND, 60,000 tokens given; Tycoon Plus course 233.4 million VND, 81,818 tokens given; Infinity course 853.4 million VND, 300,000 tokens given; Ultimate course 3.6589 billion VND, 1,311,111 tokens given... After 2.5 - 3 months, players will have their tokens doubled, the higher the value of the course, the more times it is doubled.

Once you have a Onecoin account, players can use the tokens they have to "mining" ("dig" Onecoin - meaning to exchange for Onecoin money, the current token/Onecoin ratio is 40/1), or wait until the tokens are doubled to get higher profits before "mining" Onecoin, then you can buy, sell Onecoin, transfer Onecoin to others,...

How to withdraw virtual money into real money for players: According to security experts, there are currently 4 ways as follows:

Method 1: Withdraw EUR to the player's bank account in Vietnam.

Method 2: Withdraw money via Onecoin Master card. You can withdraw up to 5,000 euros per day and withdraw at any ATM.

Method 3: Transfer and sell euros within the system, the community of Onecoin investors. For example: In the Onecoin Master Club, members can transfer euros to others and pay them VND at the exchange rate of 25,000 VND/ 1 euro. This way, there will be no transfer fees and waiting time.

Method 4: Players can reinvest Onecoin for themselves by using euros to buy new investment packages.

To withdraw money to a bank account, players need to set up a foreign currency account (euro) at any bank. Then log in to your Onecoin account, declare your foreign currency account information according to the instructions on the website. Place an order to transfer money to the bank. After 7-14 days, the money will be in the player's bank account and the player can go to the bank to withdraw money or go to Onecoin Vietnam Company to withdraw money,

To receive money from selling Onecoin on the system is quite complicated and takes time, but the commission when players invite new people to join can be received directly from the company.

With Bitcoin, the gameplay is similar. Just type it online and learn how to play and you can “mine” to get money...

Cashless payment. Illustration photo

Risks from virtual currency trading

In Nghe An, there are people participating in virtual currency trading and a number of seminars have been held on virtual currency. Ms. Vo Thi An - Deputy Director of the Department of Industry and Trade said: "Currently, there is no decree on virtual currency management, and the State has assigned the Ministry of Public Security to manage it.

Currently, Phuong Dong Hotel has a virtual currency organization with 250 participants. However, because it is not a multi-level marketing business, the Department of Industry and Trade does not know about it. Meanwhile, the signing of contracts for conferences and seminars between hotels is loose.

In fact, the cryptocurrency business is to exploit people's greed. The introducers offer huge profits compared to the initial investment to attract participants, and the attraction of cryptocurrency participants is the expected value of Onecoin, Bitcoin...

Most consultants when “luring” investors to buy Onecoin advise them to attract as many people as possible to join, because the company has a generous bonus system. Specifically, the company has up to 9 types of bonuses for Onecoin network developers.

If you develop one more person, the player will immediately receive a direct recruitment commission of 10%, the more people you attract, the bigger the commission... Onecoin's business method is essentially similar to multi-level marketing, operating according to a pyramid model, the first mover makes money by deceiving the next mover.

Talking to us, economic expert, Dr. Nguyen Minh Phong said: Cryptocurrencies like Oncoin are a virtual product by default from complex algorithms, difficult to see, difficult to understand and difficult to verify, created by individuals and abused to become purely "virtual goods" business objects on the internet. Onecoin, Bitcoin are not issued and protected by the State, are not under the control of any Government or Central Bank, and cannot play the role of a measure of value, means of payment, reserve, circulation like official national currency.

According to the State Bank, Bitcoin or other forms of virtual currency are a form of digital currency (virtual currency), not issued by the Government or a financial institution, but created and operated based on a system of computers connected to the peer-to-peer Internet network.

Firstly, transactions using Bitcoin, Onecoin... are highly anonymous, so they can become tools for crimes such as money laundering, drug trafficking, tax evasion, trading, and illegal asset payments.

Second, virtual currencies are stored in digital form, so the risk of being attacked, stolen, having data changed or having transactions stopped is very high. Because the value of Bitcoin, Onecoin... fluctuates strongly and complicatedly in a short time, investing in them contains many risks of bubbles, potentially causing losses to investors.

The State Bank also said: In the world, most countries have announced that they do not accept Bitcoin as a legal means of payment and have issued risk warnings to Bitcoin users, such as Thailand, Malaysia, Indonesia, China, Norway, Russia, France,...

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