The National Bank of Rwanda (BNR), which is the Central Bank of Rwanda, has put out a general public notice warning against pyramid schemes, network marketing programs and scam coins.
The notice, issued by the Governor of the National Bank of Rwanda, in part states:
“These scams take the form of active pyramid schemes, pyramid scheme, multi-lelve marketing, or cryptocurrency issuance through fake initial coin offerings (crypto scam). Examples of such schemes that have come to the attention of the BNR include Supermarketings Global Ltd, 3 Friends System (3FS) Group Ltd, OneCoin or Kwakoo (OnyxCoin) to name a few.”
The notice continues to warn the public stating that the above scams are illegal in Rwanda and advising the public to stick to credible deposit-taking financial institutions only licensed by the BNR and the Capital Markets Authority of Rwanda.
OnyxCoin, a Kenyan cryptocurrency, which recently launched its decentralized exchange, OnyxPay, has made inroads in a number of East and Central African countries, including Rwanda.