Digital currency OneCoin, which has made its way to the black lists of a number of authorities, has launched a new, enhanced blockchain and with a mining capacity of 50,000 coins per block, or five times that of the previously used blockchain, the company said earlier this month. The new blockchain will run each minute (as opposed to every 10 minutes as was with the old one) and its overall capacity stands at 120 billion coins in total.
With the introduction of the newly-launched blockchain, OneCoin will become “the first cryptocurrency company to store know-your-customer (KYC) documents on its blockchain thus preventing anonymity of transactions and any possible attempts to use OneCoins as a means for criminal activity”.
“By doubling the coins, we will be able to bring the coin to more people and places and strengthen the brand,” said OneCoin founder Ruja Ignatova. “Also, doubling the coins will allow us to start including merchants to use the coin – which will take us into a new league of cryptocurrency – becoming the first-choice cryptocurrency for merchants. These developments are extremely exciting and will make our coin the global leader in the cryptic market,” she added.
In the press release, OneCoin announced that it has “a responsibility to show the right direction and comply with the regulators”. It does not fall under the regulation of any authority and is in fact blacklisted by many. The UK Financial Conduct Authority (FCA), Belgium’s Financial Services and Markets Authority (FSMA), Latvia’s Financial and Capital Market Commission (FCMC), the Hungarian National Bank, and the Swedish Gambling Authority have all issued notices against OneCoin to warn investors it might represent a ponzy scheme where many investors have lost their money.
Even the Financial Supervision Commission (FSC) of Bulgaria, from where originates Ignatova, OneCoin’s CEO, has issued a warning against the company, saying that its operations and services are not regulated under any European jurisdiction.
Launched in 20014, OneCoin claims to be the world’s second largest cryptocurrency with a customer base in 195 countries across six continents. It has a sub-service called OneForex that represents a marketplace for currency traders, where they can trade OneCoins against majors.