[News] : MMM: SEC warns Nigerians against investing in Bitcoins, other digital currencies

Nigerians have been cautioned against putting resources into computerized monetary forms, for example, Bitcoin, Swisscoin and OneCoin.


The Securities and Exchange Commission, SEC, unveiled this in an open notice on its site on Thursday, expressing that none of the people or organizations advancing the utilization of the monetary standards is perceived by it or some other administrative office in Nigeria.

The commission focused on the dangers and conceivable outcomes of financial specialists losing their cash to such ventures being advanced by these organizations, including deceitful fraudulent business models.

This comes in the wake of the arrival of Nigeria’s driving Ponzi plot, MMM Nigeria, which had prior put a one-month restriction on all withdrawals from December 13, 2016.

Upon resumption, the plan presented the utilization of bitcoins as a major aspect of its installment alternatives, refering to bitcoin’s enduring development in esteem as a purpose behind members to receive the cash.

Notwithstanding, SEC exhorted the general population to practice extraordinary alert with respect to computerized monetary forms as a vehicle of speculations.

“The general population ought to likewise know that any venture openings advanced by these people, organizations or substances are probably going to be of a hazardous sort with a high danger of loss of cash, while others might be inside and out deceitful fraudulent business models,” the administrative body noted.

SEC included that, “Given that these instruments and the people, organizations or elements that advance them have nor been approved, nor any rules/directions produced for them by any of the administrative experts in Nigeria, there is no security accessible to clients or speculators in these virtual monetary standards from money related misfortunes if the virtual monetary standards fizzle or the organizations advancing them leave business.

“General society and customers of monetary administrations are further exhorted that before making any speculation or going into any money related administrations exchange they ought to find out that the element with whom the venture or exchange is being made is approved by the commission or other budgetary administrations administrative expert as material to give such administrations.”

The Nigerian Insurance Commission, NDIC, in conjunction with Central Bank of Nigeria, CBN, had prior set up a board to concentrate the inclining computerized cash, ‘Bitcoin’.

As per the NDIC overseeing executive, Umaru Ibrahim, the commission would take a gander at the focal points and burdens of the cash and what it implies for the installment frameworks in Nigeria and additionally wellbeing and security of clients.

Mr. Ibrahim said this at the 2016 Workshop for Financial Correspondents in Kaduna.

Such advanced monetary standards, also called Cryptocurrency, is a computerized resource intended to fill in as a medium of trade utilizing cryptography to secure the exchanges and to control the production of extra units of the money.

Bitcoin turned into the initially decentralized cryptocurrency in 2009.

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