The Central Bank of Samoa has issued a warning to investors about the rising number of cryptocurrency promotions taking place in Samoa.
The ban said the digital currency industry remains unregulated and it has recently become aware of a promotion called Onecoin being marketed in Samoa.
The bank said people are being encouraged to sign up accounts and purchase tokens which can then be used to invest in a cryptocurrency, promising high rewards.
It warned such schemes are very risky and unsuspecting people who invest in them stand to lose their funds.
The Bank said it has learnt from multiple sources that the Onecoin headquarters in Bulgaria has been raided by Bulgarian Police as part of a 'centralised cryptocurrency pyramid scheme' and it has also been banned from Germany.
It also warned of high risks to the economy, as certain cryptocurrencies may pose security concerns, such as vulnerability to cybercrime, and could cause significant damage to Samoa's financial system and infrastructure.