Central Bank Warns Public Against Unregulated Cryptocurrency Investment Scheme

The Central Bank of Samoa (CBS) has alerted the public to a potential scam involving the online investment scheme BG Wealth. The scheme, which claims to provide guidance on cryptocurrency trading, has been promoted across social media platforms.

According to the CBS, BG Wealth Sharing encourages individuals to attend investment presentations and join online groups with promises of 'daily profit opportunities' and 'financial growth'. However, the Samoa Financial Intelligence Unit (SFIU) emphasizes that this scheme is not regulated in Samoa and cryptocurrency or virtual asset schemes are not legal tender.

Authorities in Tonga and New Zealand are also investigating similar fraudulent activities. The National Reserve Bank of Tonga has issued a warning that BG Wealth Sharing is impersonating legitimate trading platforms to deceive individuals, including members of the Tongan diaspora abroad.

The CBS strongly advises the public to remain vigilant against scams, particularly those involving unregulated investment schemes. Participation in such schemes can result in significant financial losses and irreparable damage to one's savings.