Pakistan government announces OneCoin crackdown
Specifics are sketchy at this stage, but on August 24th Pakistan’s City42 news reported a government crackdown on OneCoin.
City42’s report was picked up by the Pakistan blog Tech Juice, who provided a more English-friendly version of the announcement.
According to Tech Juice,
after receiving a statement from State Bank of Pakistan (SBP), (the Federal Investigation Agency) is going after OneCoin and Bitcoin.
Initially, (the) FIA will take action in Lahore and later it will be countrywide.
Exact reasons for this action against OneCoin and Bitcoin have not been made clear.
It’s interesting that the FIA has lumped OneCoin together with bitcoin, as the two are quite different.
Bitcoin is a legitimate cryptocurrency that is publicly traded. OneCoin are Ponzi points that hold no value outside of the company that issues them.
Be it through legitimate cryptocurrency or Ponzi points, it seems the Pakistani government is looking to combat digital money laundering.
At least that’s my impression.
At the time of publication City42’s video report on Facebook has over 134,000 views and 1300 comments.
As I understand it Pakistan was a major recruiting ground for OneCoin but has since cooled. Interest largely stemmed from UK affiliates, who abused religious influence to spread OneCoin throughout Pakistan.
Alexa currently peg Pakistan as the fifth largest source of traffic to the OneCoin website and third largest to OneLife.
the city42 news clip basically reports that the pakistani FIA has declared onecoin and bitcoin illegal and will take action against them.
the state bank of pakistan [SBP] does not recognize cryptocurrency and the securities and exchange commission of pakistan [SECP] has earlier this year warned against crypto scams.
but uh, muhammad zafar , kari wahlroos and their assorted criminal henchmen are jumping up and down with glee in a hotel lobby somewhere in dubai. apparently, onecoin pakistan is gonna take offfffff like never before!!
the WHY is very simple:
1] the DSA of pakistan has given provisional membership to onelife!
[apparently, the pakistani DSA trumps the SBP and the SEBP and the FIA, and is everybody’s mummy and daddy!!]
2] the SECP has written a letter indicating that the Name – ‘m/s onelife network private limited’ is available for registration.
[apparently, the mere fact that a particular name is available for registration, legitimises onecoin pakistan in some abracadabra like mysterious manner!]
but see, no matter how jumpy and happy as daisies zafar and kari are feeling, what we want to see is for them to go sell onecoin in lahore.
anybody can jump in dubai, BUT, how many can do the onecoin jump in lahore?
zafar kari, cmon guys, we want a onecoin jig in lahore, pakistan! enough bullshitting from dubai hotel lobbies!
The reason why they are jumping up and down is because this action isn’t against OC/OL, but their Rogue IMA’s. Ruja’s standard line of defense anytime OC/OL gets in trouble. It is never the fault of OC/OL and Dr. Ruja, but the IMA’s.
So there is nothing to worry about, according to them.
according to a facebook post made by zafar yesterday, the pakistani FIA announcement about banning onecoin is not important because:
errrr, dont even need to respond to this ^. any dumbshit knows onelife and onecoin are one and the same. this psuedo compliance legalese BS is not going to fly by the SBP or the SECP or the FIA.
zafar also questions why some lesser known channel has reported the FIA’s decision instead of a national broadcaster like PTV:
maybe onecoin is small potatoes for PTV? who knows?
zafar can easily find out the answer to this question by flying into lahore and holding a grand big onecoin recruitment event. why ask vacuous questions on FB when these guys are such movers and shakers and believe in Action!!
and of course, zafar cant shutup before making the oldest boringest ponzi excuse in the book:
well, we cant call the SBP, SECP or the FIA competitors, but its entirely possible that they hate onecoin? i mean, it being a ponzi scheme and all?
I don’t think it’s so much the FIA “used” the local broadcaster to announce the decision, they were just the first to report it.
Pretty amusing to watch the denials from Pakistan OneCoin scammers from their safe-haven in Dubai. Seems they all got on planes and fled the country quick smart.