Macedonian Central Bank Warns Against Investing in Cyber Currencies

The Macedonian Central Bank (NBRM) issued a press release warning against investing in virtual currencies such as Bitcoin, which, NBRM said, is illegal under Macedonian law. This comes after growing popularity for online courses in Macedonia which explain how to invest in cyber currencies.

"The global rise of digital currencies and interest in them is driven by promises of high rates of return. Some of the digital currencies, such as OneCoin, have elements of a pyramidal scheme. NBRM would like to point out that the risks stemming from such investments are high, which is natural in situations when there is promise of high return. The growing interest can lead to speculative bubbles which will eventually burst", NBRM said in its press release, which also warns against the dangers of hacking such accounts, as well as about the use of cyber currencies in criminal activities and money laundering.


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