OneCoin in a ponzi scheme that is promoted by offshore companies OneCoin Ltd (Dubai) and OneLife Network Ltd (Belize), both founded by Dr. Ruja Ignatova, who went missing in 2017. After her disappearance, the OneCoin leadership was taken over by her brother Konstantin Ignatov, who was in March 2019 arrested in Los Angeles for charges of money laundering.

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The Blockchain Association of Uganda is issuing this investor alert to warn the general public about fraudulent investment schemes that may involve bitcoin and other cryptocurrencies.  

A Ponzi scheme is an investment scam that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, rather than engaging in any legitimate investment activity, the fraudulent actors focus on attracting new money to make promised payments to earlier investors as well as to divert some of these “invested” funds for personal use. Ponzi schemes are prosecutable under the laws if Uganda.. Read more

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The Uganda Free Zones Authority has issued Blockchain Technologies Ltd. a developer’s license to establish a free zone, the first of its kind in Africa, that will focus on Blockchain and emerging technologies.

The free zone will attract and host global companies in the digital market space, creating an environment where digital innovations can be set up, tested and commercialized with incentives and a supportive regulatory framework.

When fully operational, the free zone will have many benefits to Uganda, including increased Foreign Direct Investment, a more vibrant innovation ecosystem and increased job creation. This is in alignment with the government’s commitment to promote ICT and innovation as a cornerstone for national development, as articulated in Uganda’s Vision 2040.

Uganda is the first country in Africa to issue this kind of license, and the free zone will position the nation as a continental leader in blockchain technology and the Fourth Industrial Revolution. At the license ceremony, the acting Executive Director of Freezones Authority commended Blockchain Technologies Ltd, and its parent company CryptoSavannah, for being forward thinking. The free zone will have several incentives that will attract foreign direct investment, and provide an opportunity for young innovators to generate interest and investment in their ideas and products.

CryptoSavannah is proud to be part of this momentous occasion and looks forward to working with Uganda Free Zones Authority for the successful operationalization of the free zone.

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