Due Diligence

Current Banking System

Banking the Unbanked

Why is OneCoin under attack?

OneCoin's Blockchain

Dr Ruja Ignatova

The Challenges with BitCoin

The purpose of this page is to provide you with a basis for market research.  We've collated information from many different sources to help you digest 'the problem' -as it were.  We also want to touch on why the company gets a lot of negative attention.  Whenever possible, information sources are available with the content or as an associated media (i.e. video).  We do not claim that this will answer all of your questions and as we believe in fact based discussions, have only included topics that we believe there is supporting evidence.  In light of this, although our list may continue to grow, we believe there are enough issues addressed, to provide a fact sheet.  Some of the material below may be outdated but we've kept them in as we feel it effectively addresses the respective topic.


In the video below, OneCoin founder (Dr Ruja Ignatova) is invited to talk about the Future of Payments at the Economist' fourth Southeast European Summit.

Current Banking System

The conventional banking system has a number of issues causing hyper-inflation, recessions and other economical crises.  The video below is a snippet taken from a European Parliament meeting in Strasbourg, May 2013.  Part of the debate was on the Banking Union.  Ultimately, these are the issues Crypto-currency was created to address.  Onecoin not only addresses them all but goes a step further by addressing the criminal issues created by the anonymity characteristic of other crypto-currencies.

Why the whole banking system is a scam - Godfrey Bloom MEP

Current Banking Issues

We can't go into all of these issue in depth here but we encourage you to research anything on the list below.

  • Fractional Reserve Banking
  • Fiat Currency not being backed my an underlying finite / scarce commodiy
  • Hyper-Inflation caused by Quantitative Easing
  • Distrust from business owners
  • Some central banks are privately owned
  • Moral Hazard (no ultimate liability)

Banking the Unbanked

Dr Ruja is not the only philanthropist that has a passion for banking the unbanked.  The video below is a snapshot of a Bloomberg interview with Bill Gates about this issue.  Now by no means are we implying association, but the full interview can be found here.

Who are the Unbanked

The chart below shows the proportions of adults that do not use formal (or even semi-formal) financial services.
Its important to highlight that this does not include non-adults that also need banking. So as bad as these figures look, the reality is worse.

At the time of publication...

  • 53% of the global adult population
  • 49% of Central Asia & Eastern Europe
  • 65% of Latin America
  • 80% of Sub-Saharan Africa

Bill Gates on Banking the Unbanked

Why is OneCoin under attack?

An article written by a Richard Marks was published in July 2015.  I wouldn't normally endorse an article with its title but I felt this was one of the most objective analyses I have found of the programme, company and industry.  You can find the entire post here but below is an overview of his reasons for the negative attention.

OneCoin Achieves Multi-Billion Dollar Crowdsale

Where does the 'stigma' come from?

  • "Any program that grows as fast as OneCoin will get a lot of internet "traffic" ...[and]... 'bloggers' ... will want to cash in on that traffic..."
  • "Governments do not like Cryptocurrency because they cannot control it or confiscate it..."
  • "Authorities fear that such a money system lends itself to misuse by drug dealers, terrorists, etc...."
  • "Any program that creates large numbers of leaders who make huge incomes quickly ... will ... be attracting people away from other companies..."
  • "Most new innovations or trends encounter resistance due to the inherent fear of change..."

OneCoin's Blockchain

Typical cryptocurrencies follow the distributed design established by the first mover (BitCoin).  OneCoin in contrast and as far as we know, is the first blockchain implementation that takes a centralised approach to the problem.  There are pros and and cons to both approaches. Some of the pros being that it is easy to spearhead and integrate the currency into current systems to help stagger the change by engaging in partnerships, creating a dynamic road map, and encouraging compliance.

The only disadvantage is that there needs to be another way to re-affirm independent trust.  A private blockchain goes against the industry 'grain' of the 'public ledger' but in reality, blockchain technology implements trust by using recursive data hashing so as long as the hashed information can be calculated by an independent party, any tampering is still provable in an audit.

Blockchain Attributes

The list below are the attributes of OneCoin's blockchain:

  • Capacity of 120 Billion Coins
  • 50,000 coins per block
  • 1 Minute blocktimes
  • More transactions than leading merchant pay-points
  • KYC (Know Your Customer) integrated for anti-money laundering

Semper Fortis Audit Presentation Dubai

Dr Ruja Ignatova

There is a lot of interest in who the founder of OneCoin is and whether the things said about her are true.  Well her name is Dr. Ruja Ignatova and to save you the time, here is a research document detailing some of her activities and achievements before OneCoin (About Dr-Ruja-Ignatova).

It includes scanned degree certificates, work contributions as McKinsey, information on Clever Synergies Investment Fund and much much more.

Business Woman of Year

Dr Ruja's Key Passion for Education & Business

  • Magister Juris in European and Corporative Law (University Of Oxford)
  • Doctorate (& Masters Degree) In Law and Economics (University of Konstanz)
  • Program on Negotiation (Harvard Law School)
  • Bulgarian Business Woman of the Year 2014

The Challenges with BitCoin

BitCoin is a remarkable innovation and despite the purpose of this section, is no doubt still the best solution for some users.  Without it we would never have met our beloved Blockchain Technology of whom we are now wedded.  Being the first (feasible) cryptocurrency, it is inevitable that there will be unforeseen issues and potential defects that only time could teach us.  This provides the opportunity for others (sometimes called 'alt-coins') to follow.  We have to accept at some point though that some of its loyal developers have given up and left the project.  There is no doubt that there are "political" challenges that stem from the fact that no one really owns it.  In this section however, we want to take a look at some of the technological flaws that has risen.  When reading the lost below, bare in mind that the OneCoin solution has indeed addressed or can conveniently mitigate all of these concerns so far.

Areas of Development

Below are some of the things we could think of from the top of our head that make BitCoin difficult to roll out 'fully' even today.

  • BitCoins blockchain is growing exponentially and soon not every node will be able to store it in its entirety. To address this, its possible that some degree of centralisation, ironically may be eventually needed
  • 10 minute block times means that transactions may not be confirmed for 10 mins (or possibly longer). This is not practicle when bying coffee
  • Hyper volatility is simply not practical for merchants. This also is a big setback for merchants
  • The success it has enjoyed has actually made It too expensive for the average consumer. This means the vast majority of transactions are made is Satoshis as opposed to BitCoins

Bitcoin: What You're Not Being Told