Setback for MMM as FG bans use of bitcoin, digital currencies investments

Posted by News Express | 13 January 2017 | 4,952 times

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Popular Ponzi scheme MMM, which resumed operations in Nigeria today, Friday, January 13, 2017, has suffered a setback following a warning to Nigerians to disregard any agency or individual promoting crypto currencies investment in the country.

MMM Nigeria, which announced their long awaited resumption via their official twitter handle after one month suspension of the scheme by the organisers, has introduced a new initiative of crypto currencies investment, using Bitcoin.

However the Nigerian Government, through the Securities and Exchange Commission (SEC), has issued a statement, saying: “The public is hereby advised to exercise extreme caution with regard to digital (crypto currencies) as a vehicle of investments.”

A Daily Trust report quoted SEC as saying in the statement that the warning is in consonance with similar warnings issued by capital market regulators and Central Banks across the world over the past few years.

“The Commission,” according to the statement issued in Abuja, “wishes to alert the public that none of the persons, companies or entities promoting crypto currencies has been recognised or authorised by it or by other regulatory agencies in Nigeria to receive deposits from the public or to provide any investment or other financial services in or from Nigeria.

“The public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be of a risky nature with a high risk of loss of money, whilst others may be outright fraudulent pyramid schemes.”

Bitcoin is an international electronic currency. This is a new form of money created on the basis of the programme code which is globally gaining acceptance in the financial world.

Bitcoin has become the world’s first decentralised means of payment. Money transfers are made on the peer-to-peer principle – without intermediaries between the sender and the recipient.

Source: News Express

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