The Hungarian central bank has announced a working group that aims to step up its fight against OneCoin – a digital currency investment scheme that is being considered as fraudulent, CoinDesk reported.

The Magyar Nemzeti Bank (MNB) on Tuesday announced that the effort aims to crack down "certain elements of the alleged pyramid scheme". Last week, a number of governmental authorities held a meeting on Onecoin.

In addition to MNB, other agencies and institutions participating in the Market Surveillance Working Group include the Budapest Police's main office, the National Bureau of Investigation, the National Tax and Customs Administration, the Interior Ministry, the Prosecutor General's Office, as well as the Municipal Prosecutor's Office.

The central bank noted that OneCoin resembles a pyramid scheme which promises high returns. It also encourages participants to invite other investors.

The MNB’s efforts against OneCoin follows the German Federal Financial Supervisory Authority’s (BaFin) recently issued cease-and-desist order to keep any activity related to the digital currency out of the country.

Other financial watchdogs, including UK’s Financial Conduct Authority (FCA) and Belgium’s Financial Services and Markets Authority (FSMA), have issued warning again OneCoin in the recent past.