Sometimes, truth is stranger than fiction.
Colourful Malaysian personality Datuk Seri Vida has recently launched her own crytpocurrency, dubbed the ‘LaVida Coin’.
But you might want to think twice before investing anything – Bank Negara Malaysia (BNM) has listed the ‘LaVida Coin’ on its consumer alert list. Pink alert!
BNM made an announcement on its website that it has listed operator of the LaVida Coin, VI Profit Galaxy (DSV Cryptoclub & LUX Galaxies) along with 423 other companies.
Elaborating on the purpose of the list, BNM had this to say:
“The Bank has updated the Financial Consumer Alert list. The list consists of companies and websites which are neither authorised nor approved under the relevant laws and regulations administered by BNM.”
“Please take note that the list is not exhaustive and only serves as a guide to members of the public based on information and queries received by BNM,” it said in a statement.
On Monday the Securities Commission (SC) announced that it was reviewing the LaVida Coin to see if it breached any security laws.
The commission also cautioned investors and advised them to exercise due diligence.
“The operators through the white paper had stated that only through crowdfunding will such diverse range of projects be able to meet the development funding needs,” said the commission.
The LaVida coin was launched on 20 August with each coin priced at US$0.66.
The woman behind the coin, Datuk Seri Vida had said that she was launching the cryptocurrency to fund three different projects, one being an entertainment platform worth US$1 billion.
The other projects are a payment gateway worth US$100 million and a mosque complex worth US$400 million.
Source: The Star