A CRYPTOCURRENCY project launched by Scottish businesswoman Baroness Mone has come under fire amid claims betting on horses would be more profitable, a Treasury Select Committee MP has stated.

Baroness Mone launched the 'Equi' venture with her partner Doug Barrowman.

It hopes to raise a total of more than £50million through an "initial coin offering" (ICO) – where a percentage of the cryptocurrency is sold to early backers of the project – with the money funding a new investment platform called Equi Capital.

The Equi coin will be launched to the general public on March 15, but started its pre-sale last Thursday for which a minimum investment of $100,000 (£72,400) is required.

The scheme is not regulated by the Financial Conduct Authority (FCA) and it is not being sold to US investors.

“You would be better going off to the bookies than investing in this scheme,” said John Mann, the Labour MP for Bassetlaw and a member of the Commons’ Treasury select committee, according to a report by the Sunday Times.

Last week the Bank of England governor, Mark Carney, called for stricter regulation of digital currencies, warning they were “reliant in part on finding the greater fool” and “exhibited the classic hallmarks of a bubble”.

Mone, 46, rose to prominence as the founder of Ultimo Brands lingerie, which developed the silicon-padded bra, and she was made a peer in 2015.

In a promotional video on YouTube for Equi, Mone urges people to sign up to her new venture.

On the Equi website is warns of the risks involved in investment.

It says: "Investing in early stage businesses involves risks including illiquidity, lack of dividends, loss of investment and dilution.

"Investors should therefore implement a diversification strategy when building a portfolio on the EQUI platform.

"Diversification across multiple projects will spread risk and reduce the impact of adverse market conditions."

Citizens of the United States of America, Canada, South Korea, China and Singapore are unable to invest.

The FCA said it could not comment on whether specific funds complied with its rules, but has warned consumers about the risks of investing in cryptocurrencies, which it says are unregulated, high-risk and speculative investments.