Cryptocurrency

But the remaining members have insisted it’s full steam ahead.

The 21 founding companies in the Libra Association - down from 28 when the project was first announced - met for the first time in Geneva on Monday.

A spokesman told the BBC he believed the currency was still on track to launch next year.

But, he added, it would only do so if suitable regulatory approval had been granted.

It comes after a stern warning from the G7 group of nations that Libra risked disrupting the global financial order.

The country is developing the legal tender currency Sovereign (SOV) to serve alongside the US dollar there.

Last week, the government unveiled the SOV development fund, which will hold 30 percent of the currency's initial supply.

David Paul, the Minister-in-Assistance to the President, said the fund would be independent.

The probe follows revelations by the Central Bank of Samoa on Thursday that the cryptocurrency OneCoin had "compromised" Samoa's financial system.

Citing a report it was handed by New Zealand police, the Central Bank said OneCoin - also known as OneLife - had used two Samoan churches with branches in New Zealand and Australia to funnel millions of dollars into Samoa.

The Central Bank's acting-governor, Gilbert Wongsin, told RNZ Pacific on Tuesday there were active investigations into the Samoa Worship Centre and the Samoan Independent Seventh Day Adventist Church.

According to the Central Bank of Samoa, two large churches and some Money Transfer Operators in Samoa have used the OneCoin operations.

CBS said it recently received a spontaneous intelligence report from the New Zealand Financial Intelligence Unit (NZFIU) regarding the OneCoin operations.

The report said OneCoin is labelled as a “Hybrid Ponzi-Pyramid Scheme” because the scam contains ingredients of both types of scams – Ponzi Scheme and Pyramid Scheme.