Colombia issued a warning against OneCoin: “illegal MLM”


April 22, 2016 Facebook Twitter LinkedIn Google+ MLM & Affiliate Marketing News



 

OneCoin an “illegal MLM” in Colombia

OneCoin an “illegal MLM” in Colombia

Posted: 21 Apr 2016 05:36 PM PDT

The Superintendency of Societies is a government regulator in Colombia charged with overseeing companies operating in the country. Citing a new law introduced earlier this year in January, the Superintendency of Societies has issued a warning against OneCoin. Differentiating OneCoin from legitimate MLM companies, the Superintendency of Societies claims OneCoin is ‘not contained within (the group [Continue reading…] Source: OneCoin an “illegal MLM” in Colombia
For a company to offer multilevel compensation or commissions that pay independent affiliates, commissions must correspond proportionately to (retail) sales (of products) and not be generated by the mere act of recruiting new people into the company.

The only monetary system permissible in Colombia is the peso (notes and coins), so other mechanisms, as in this case “Onecoin”, are not a means payment of legal tender with unlimited liberatory power.

Consequently, the “Onecoin” is not an asset that has legal equivalence to the legal currency in Colombia not having been recognized as currency within the country.

Neither is OneCoin an asset that can be considered a currency, according to the criteria of the International Monetary Fund, since it neither has the support of the central banks of other countries and therefore has no financial power.

Read the full article and join in the discussion over at BehindMLM.

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