Dear Editor,
Last week, the government declared that it opposes get-rich-quick pyramid schemes and distanced itself from cryptocurrency scams promoted by the BG Wealth Group.
However, this came only after the Central Bank of Samoa had already classified cryptocurrency as a dangerous get-rich-quick scheme.
Similar warnings had been issued by other central banks and regulatory agencies, including those in the United States.
It now becomes clear why the government wants to rush to amend the Central Bank Act.
