The Central Bank of Solomon Islands (CBSI) has published a warning about a fake currency dubbed Sol York, which has no legal approval by the local authorities. According to the public alert, the central bank stated that no other legal currencies, aside from the Solomon Islands Dollar (SBD), have a legal endorsement within the nation.
“CBSI categorically denies any involvement or participation in the new currency scheme and strongly advises the general public, including the promoters, to refrain from spreading false information and rumors about the new currency scheme,” the central bank commented on the fake coin. In fact, the CBSI has the sole authority by law to issue currencies on the island under the CBSI Act 2012.
Although the public warning did not reveal more details on the Sol York currency, it does not clarify whether it is a cryptocurrency or not, albeit the central bank explained some time ago that virtual currencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) among others, are not regulated.
Why Ethereum Needs Layer 2 Solutions More Than EverGo to article >>
“Any agency, corporate body or individual that attempts to produce, or issue currency apart from the Solomon Islands Dollar (SBD) is committing an offense under the CBSI Act 2012,” the CBSI cautioned.
No Reports on Arrests Related to Sol York Schemes
Furthermore, the Islands’ central bank advises people to report any wrongdoing regarding such a scheme, or whoever has fallen victim to any fake investment opportunity using Sol York as an excuse to collect money illicitly. The CBSI pointed out that any report on the matter could be subject to a formal complaint with the police for investigation and prosecution.
“CBSI will continue to warn the public to be vigilant on where to invest their money, and to ensure that the legitimate currency of Solomon Islands is protected,” it added. There are no reports on arrests or police operations related to any Sol York investment schemes within the Solomon Islands or overseas.