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Nigerian Senate Warns Against Investing In Cryptocurrency Sites and Ponzi schemes

The Nigerian Senate is set to probe cryptocurrency and ponzi schemes due to its widespread in the country. They recalled that the MMM bubble of 2016 left millions of Nigerian families broken, devastated while many businessmen lost all their capital in the phony scheme.

The Nigerian  Senate on Tuesday has urged the Central Bank of Nigeria (CBN) and other stakeholders to make deliberate effort to educate the public on the dangers of Bitcoin as a store of value in Nigeria. It said that all news platforms and in various languages should be deployed in the dissemination.


The upper chamber also called on National Orientation Agency (NOA) to spread the news against all forms of wonder banks and Ponzi schemes operating in Nigeria. It also asked members of its Committee on Banking and other Financial Institutions to investigate the viability of Bitcoin as a form of investment and report to back within two weeks.

With more concern about the fast spread of Bitcoin trading like wild fire, the Senate in a motion titled, ‘Urgent need to investigate the proliferation of Bitcoin, a form of Crypto-currency, to ascertain the worthiness of same as a form of investment in Nigeria’, the senate stressed that not only has the proliferation of bitcoin become one of the best forms of investment in the country, it is openly marketed across the country on the local television and radio stations, mostly to Nigerians, ”not aware of the consequences.”.

Bicoin is not recognised by the Central Bank of Nigeria, does not exist in any tangible form and is also not subject to any international or local monetary regulations, or backed up by any established government institutions for that matter.

Do you agree with the Nigerian Senate on this or would you continue to invest in bitcoin and ponzi schemes?