Nigerian lawmakers label bitcoin as a huge scam

The senate has already urged Nigeria’s key financial institution as well as other regulators to thoroughly scrutinize the rapid spread of bitcoin and also to educate this African’s country’s citizens as for the pitfalls and hazards of this digital currency.

Most of the Nigerian lawmakers’ worries are built around recent events right after a Russian ponzi scheme dubbed MMM became extremely popular in Nigeria grasping up to two million users. After a mind-blowing run, when the fraud scheme awarded folks with 30% interest rates a month, in 2016 it came to its end. That scheme deprived users of approximately $50 million. Trying to bounce back, MMM’s chiefs urged the remaining audience to shift to bitcoin from conventional cash.

It feels like the early sticky association between that dirty scheme and the popular digital currency formed a negative image of crypto assets in the minds of many users. So, it’s no wonder that the Nigerian lawmakers utilize such words as “scam” or “illegal” or “suspicious” when it comes to describing bitcoin.

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