CBCS warns consumers of One Life related entities
May 24 2017
24 May 2017
PHILIPSBURG–The Centrale Bank van Curaçao and St. Maarten (CBCS) has issued a warning to consumers about One Coin, One Life, One Life Banking System, and related entities, since these entities deal in virtual currencies, and are not supervised by the CBCS.
The Central Bank said buying, holding or trading virtual currencies or other digital value units, also called cryptographic currencies, have many and large risks associated with them.
Since these providers of virtual currencies do not fall under the supervision of the CBCS or under any other regulator in Curaçao and/or St. Maarten, consumers are not protected when using virtual currencies and may be at a higher risk of losing their money.
For more information relative to virtual and crypto currency, visit http://www.centralbank.cw/warning-notice-virtual-currencies.
Source: The Daily Herald, St. Maarten