Michelle Mone, the Scottish lingerie tycoon made headlines when she announced that her and Doug Barrowman, her partner were launching the Equi Coin on March 15. Pre-sale of the coin started last Thursday. Seems Mone has very high hopes for the coin. She has expressed that the pair are currently aiming to raise more than £50 million through the initial coin offering. That’s not all she said. The iconic entrepreneur has went so far as to say that the Equi Coin will be the British Bitcoin.
Not everyone is as enthusiastic about the Equi Coin as Michelle is. Experts in the field of cryptocurrency have warned the masses that the coin could be completely worthless given the high that the chances that the pair won’t garner enough funds to invest in capital projects or return any profit.
Beyond that, there are a few aspects that can pass as warning signs when it comes to the Equi Coin. Firstly, the Sunday Times has stated that the coin isn’t signed up to the Financial Conduct Authority, a financial regulatory body that operates independently from the UK government. That said, at the moment they are being contacted and asked to step in.
Also, the coin is not being sold in the United States. The reason behind this is that their business model can breach American restrictions. The couple also won’t be having any dealings with Russia, Bolvia and India. Those countries have stricter laws when it comes to cryptocurrency, which means the coin will not suit their regulations.
Even officials are put off by the coin. MP for Bassettlaw and Labour of the Commons’ Treasury member John Mann has blasted Mone’s cryptocurrency by saying, “You would be better going off to the bookies than investing in this scheme.”
One isn’t wrong in suspecting the Equi Coin as a scheme. Controversy is nothing new for Michelle Mone. In 2015 it was revealed that Michelle’s company MJM International had invested a large amount of money into a tax avoidance ploy. Given her checkered past, naturally one would feel on edge about delving into the Equi Coin.