The Hungarian central bank has announced the creation of a working group that will fight against OneCoin, a presumed fraudulent financial scheme based on a digital currency not backed by blockchain technology. The announcement was made Tuesday after Magyar Nemzeti Bank (MNB) authorities held a meeting on suspicion that OneCoin is holding a pyramid scheme, where investors must invite others to participate in order to rise and generate greater profits.

The Budapest Police, the National Bureau of Investigation, the National Tax Administration, the Ministry of the Interior, the Office of the Prosecutor General, as well as the Municipal Prosecutor's Office of Budapest, are among the institutions that maintain their concern for the activities of this company. The so-called Working Group on Market Surveillance.

Earlier, the Hungarian central bank issued a warning against OneCoin and cryptocoins in general, noting that volatility in the latter may affect the interests of users, but that potential pyramid schemes like OneCoin pose a threat to investors unsuspecting

Similarly, other important institutions have made strong warnings against OneCoin and some go further, with the intention of completely dismantling this scheme that has so many complaints, as is the case of Germany, whose financial authority seeks to completely eradicate OneCoin, closing corporate affiliates and opening legal cases.