Central Bank of Samoa Issues Warning Against Digital Currency

Central Bank of Samoa Issues Warning Against Digital Currency

The Central Bank of Samoa has issued a warning against digital currency, including bitcoin, as part of a larger effort to crack down on get rich quick schemes.

Also read: Digital Currency Regulations Coming Soon to Iran

The Central Bank’s Warning

The Central Bank of Samoa (CBS) has issued a warning against get rich quick schemes and digital currency such as bitcoin. This is the first time the bank has spoken against digital currency investments.

“It has been brought to our attention that a lot of get rich quick schemes and digital currency investment opportunities are being spread around the country through presentations and through social media,” the bank wrote, citing Facebook as the prime example of a social media venue. The CBS announced this week:

We wish to advise the general public to be very cautious and diligent in dealing with get rich quick schemes or digital currency investments.[…] Please be aware and extra cautious of these investments.

Central Bank of Samoa Issues Warning Against Digital CurrencyIn the same statement, the bank defined digital currency as “the use of electronic money which is different from the money we use physically like our tala notes or coins or even our ATM cards,” adding that “an example of this digital currency is bitcoin.”

The CBS also attempted to educate the public about Bitcoin. Without contradicting any benefits Bitcoin offers, it explained how Satoshi Nakamoto invented the cryptocurrency because “the financial crisis was caused by financial institutions such as banks” and that Satoshi’s “solution to the financial crisis was to ‘remove’ the financial institutions and let the people deal directly with each other using bitcoin.” Instead of refuting these claims, the bank simply recommended:

If you come across these difficult and complex financial concepts and investments, please contact the Central Bank of Samoa for more information.

Samoan Get Rich Quick Schemes

Central Bank of Samoa Issues Warning Against Digital CurrencyOne particular get rich quick scheme gaining popularity in Samoa “is making rounds among church members and pastors where members are encouraged to sign up and collect membership for the promise of thousands of tala in return,” the Samoa Observer recently reported. “The scheme involves buying into a travel project where members will get cheap travel, accommodation and other perks.”

The CBS has long been concerned about Internet-based scams in the country. “The central bank is seriously concerned over the increasing number of scam cases brought to its attention regarding Samoan residents being lured into believing that he or she is expecting to receive large sums of money from unknown sources communicated through the internet, emails or mobile phones,” the bank announced last year, adding that:

With the improved and sophisticated application of modern computer and electronic technologies, the risk of Samoan residents and businesses becoming victims of these fraudulent activities has also increased.

In conclusion, the central bank urged the public to always conduct independent research before handing over a large amount of cash. Referring to get rich quick schemes and digital currency both, it wrote, “before you invest in these types of ventures, please ensure that you fully understand how it works and the benefits and risks of doing so.”

What do you think about the Central Bank of Samoa warning about digital currency? Let us know in the comments section below.


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  • Bitcoin are making Tax Havens harder to conceal bribery.

  • Steve Van Blerk

    Just another attempt to demonise decentralisation. They are very very worried people. Must be shit to live in fear the whole time.

    • HE WILL NOT DIVIDE US

      Agreed…..fuck all these demonic central bankers

  • The only accurate thing from Samoa’s Central Bank stantement above: «Without contradicting any benefits Bitcoin offers, the Central Bank of Samoa explained how Satoshi Nakamoto invented the cryptocurrency because “the financial crisis was caused by financial institutions such as banks” and that Satoshi’s “solution to the financial crisis was to ‘remove’ the financial institutions and let the people deal directly with each other using bitcoin.”». The rest was all lies…

  • Liberty88

    I am so glad that the Central Bank of Samoa is put out this warning against crypto currencies and “get rich quick schemes.” I go to the Central Bank of Samoa for all of my “financial advice…..”

    — NOT.

    I won’t be Consulting Central Bank of Samoa except for when they auction off all of their assets because they’re bankrupt morally and fiscally.

    I’ve said it before and I’ll say it again – it is absolutely delicious watching these central banks squirm into a pretzel at the new kid in town who is stealing their lunch.

  • Rudolph Haynes

    The Central banks all know that we the people want our financial system to be Decentralized!!1 We do not want any big brother to benefit on how we go about our biz! They do not get it or they are so STUPID that they can not see that BITCOIN or Cryptocurrency is here to STAY….Forever. So they better get used to this FACT!.

  • Dbt123

    Hey how’s bout first telling us who owns Central Bank of Samoa? Is it even a native Samoan?

    • LOL, sure, his name is “Notamanfin Derhere”

    • From their website: Since 2011 MAIAVA ATALINA EMMA AINUU-ENARI, GOVERNOR – CENTRAL BANK OF SAMOA. She hold many degrees , notably a Master of Science in International Economics, Banking and Finance from the University of Wales. Joined the bank in 1991. According to their site: The Members of the Board are appointed by the Head of State, acting upon the advice of Cabinet. The Samoan Head of State is Tui Atua Tupua Tamasese Efi. From what I can see on the State website he is the Son of the last and late Head of State.

      • Dbt123

        Thanks…But again Who OWNS the C-Bank of Somoa? Just as the Board of Governors of the US Central Bank do NOT Own the Bank in the US, I wondered who has ownership?

        • Sounds like my answer was close enough. Somebody you’ll never actually see or know.

          • Dbt123

            Thank you…So far your satirical answer is the Best answer.

        • The Government of Samoa elect the Representatives of the Board of Governors and they define their own monetary policy and print their own notes. According to the Bank site, they also govern the operating policy of other Banks if they are within their jurisdiction. If you are eluding to Financial Influence and Policy, they are most likely more influenced by Australia and New Zealand because of resources and the Tourist Trade. I am certain they see more of those FIAT currencies than the US dollar. Its a usual move to exchange into the local FIAT as the Government guidance is usually favoring the local currency policies. The USA probably figures in when comes to other minimal policies. I do believe the guidance the bank gave their population probably happens with other get rich quick schemes that come through their islands. I don’t think the policy written about is clear enough. I would have guided more specifically and added,”If you cannot get it back in Samoan Talas, its most likely a scam”.

  • Christan

    Actually, they have a point. A lot of the So Called investments into cryptocoin startups are scams. I read a rather convincing one the other day where it had what they wanted to do. How to invest. But no information at all on anything you would get in return. None. In fact without that information you could invest an never expect any kind of return.

    They had collect a lot of crypto at that point as well.

  • Gay Jesus

    TL;DR

    Central Bank of Samoa: “We won’t profit and can’t manipulate Crypto, so we don’t want you to use it.”