OneCoin cannot be used as payment method by merchants until 2018
The Facebook postings purportedly showing off merchants accepting OneCoin as a payment method are rampant.
I’ve seen restaurants in Europe, car dealerships in Asia, take-out joints in Australia – all represented as merchants accepting OneCoin.
You as a OneCoin affiliate simply walk in, purchase whatever it is you wanted, flop down your cell phone and pay with OneCoin.
This, OneCoin investors claim, is proof that OneCoin is a legitimate cryptocurrency.
As with most things related to OneCoin, turns out it’s a bunch of baloney.
OneCoin recently launched what they’re calling a “Mobile App Builder”, or MAB for short.
MAB is very much represented as a merchant acquisition tool, however it was unclear whether or not merchants could actually accept OneCoin as payment through the app.
In an effort to get to the bottom of this, a OneCoin affiliate emailed support to find out.
Here’s the support ticket, as sent in on October 17th;
I have (at least) seven merchants who are interested in becoming a member of OneLife so I’m seriously considering to buy the Seven Code Package for MAB, and the Infinity Package as well.
Two of the merchants only want a free Rookie account, but the others are interested in buying the Tycoon Plus, Premium and Infinity.
One of them wants to go for the Supreme Package!
BUT: there is one problem.
I have studied all 11 video tutorials and passed the test with 100% score but I could not find one word about a payment function, let along the possibility to pay with OneCoins.
It goes without saying that the possibility to be paid with OneCoin without limitations by any of our 2.5 million members is a prerequisite for all these merchants to spend any money on a package.
So here are my questions:
a. How can I adapt a Mobile app with a function to let the merchants be paid in OneCoins?
b. Will there be a free transfer of OneCoins from all OneLife members to merchants, i.e. without limitations?
If there are limitations, which are they (and WHY are they there)?
The ticket was promptly answered by OneCoin support within 24 hours;
OneCoin cannot still be used as a payment method as it is still not in public.
Once the currency is available in public, it will be officially announced to all our members.
Currently, the merchants can create their own mobile app but this does not mean that the coins are used as a payment method for the goods/ services that they offer.
The Merchants OneCoin-accepting platform is currently under development.
So there you have it. Despite all the nonsense on social media about merchants accepting OneCoin, until OneCoin goes public no merchants can accept OneCoin as a payment method.
At the recent OneCoin event in Thailand, Founder Ruja Ignatova announced OneCoin would not go public until the second quarter of 2018. That’s just under two years away.
So you’re probably wondering then, why is OneCoin permitting affiliates to spam social media with false claims of merchants accepting OneCoin as a payment method?
Well, according to OneCoin compliance, they shouldn’t be.
The latest OneCoin affiliate newsletter, sent out a few days ago, advises affiliates they are prohibited from making claims about merchants accepting OneCoin as payment.
IMAs are not allowed to promote acceptance of the OneCoin cryptocurrency by merchants as a mean of payment without prior express written consent of the Company.
To what extent OneCoin affiliates promoting various merchants as accepting OneCoin as payment obtained written consent is unclear.
Perhaps more pressing though is why affiliates, with the permission of OneCoin, are allowed to publicly lie about merchants accepting OneCoin at all.
As per OneCoin’s own support, merchants accepting OneCoin as payment is not currently possible.
Yes OneCoin affiliates who own businesses can accept internal OneCoin transfers from other OneCoin affiliates via the OneCoin backoffice, but it’s entirely disingenuous to present this as proof of OneCoin being a legitimate payment platform.
Worse still, it’s not just OneCoin affiliates circulating gross misrepresentations about what can and can’t be done with OneCoins.
12 hours ago a Facebook account bearing the name “Ruja Ignatova – Onecoin the Future of Payments” (@OneCoinRujaIgnatova), made a post promoting Silo Sushi in Australia as a merchant that accepts OneCoin.
This is the former CEO, founder and co-owner of the OneCoin.
While it could certainly be argued that Ignatova herself doesn’t need permission as per the OneCoin newsletter, as per her own support team, what she published earlier today is a lie.
The long and the short of it?
OneCoins are still Ponzi points that retain no real-world value outside of the OneCoin business opportunity. You can’t do anything with OneCoins (other than transfer them to other OneCoin affiliates), and this appears unlikely to change till at least mid 2018.
That is of course assuming OneCoin hasn’t collapsed or been shut down by regulators in the meantime.