Hungary's Central Bank Organizes Task Force Against OneCoin

Hungary's government has set its sights on OneCoin, a digital currency investment scheme widely believed to be fraudulent.

AccessTimeIconMay 9, 2017 at 7:15 p.m. UTC
Updated Feb 9, 2023 at 1:22 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Hungary's government has set its sights on OneCoin, a digital currency investment scheme widely believed to be fraudulent.

The Magyar Nemzeti Bank (MNB), the country's central bank, announced today that it is part of a wide-ranging task force aimed at cracking down on "certain elements of the alleged pyramid scheme". The development represents one of the most aggressive to date against the alleged scam.

OneCoin is an investment program centered around a purported digital currency through which investors are promised huge returns on their purchases. Participants are encouraged to find other investors as well, drawing the allegation that OneCoin is little more than a fraud.

Who's involved: The following agencies or institutions are participating in the OneCoin task force:

  • The MNB, by way of its Market Surveillance Working Group
  • The Budapest Police's main office
  • The National Bureau of Investigation
  • The National Tax and Customs Administration
  • The Interior MinistryThe Prosecutor General's Office, as well as the Municipal Prosecutor's Office.

Why this is big: Recent signs indicate the regulatory bodies, particularly in Europe and Asia, are starting to take more concrete action against OneCoin.

The past few weeks have seen officials India arrest nearly two dozen individuals connected to the scheme while Germany’s top finance regulator, BaFin, effectively banned it after shuttering a related payment processor. Both countries have seized funds from promoters’ accounts.

Yet the Hungarian move is notable given the wide range of agencies parties involved. The task force brings together police, prosecutors, financial watchdogs and central bankers – all in the name of taking "action against OneCoin", to quote the MNB's release.

Image Credit: posztos /


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.