By Modupe Gbadeyanka

For a while now, promoters of a digital currency, Bitcoin, have been urging Nigerians to key into the system just like the controversial MMM Ponzi scheme.

This has got the attention of the Federal Government, which has promised to look into the programme so as to advice citizens.

It also said the system may be adopted in the country if investigations give it a go-ahead.

At the 2016 Workshop for Financial Correspondents on Friday in Kaduna, Managing Director of Nigeria Deposit Insurance Commission (NDIC), Mr Umaru Ibrahim, disclosed that his commission and the Central Bank of Nigeria (CBN) have set up a committee to look into the trending ‘bitcoin’ scheme.

“On our part, we have constituted a committee together with the central bank to have an in debt study of this phenomenal bitcoin.

“We will look at its advantages and disadvantages, what it means for the payment system and what it means for safety and security of customers.

“We will also look at what it means for money laundering, anti-corruption, crime and measurement of money /near money instrument for the economy.

“But we need a lot of education to do this and I’m calling on you (media) to educate yourselves about all of this so you can educate the public,” Mr Ibrahim said at the event themed ‘Economic Recession and the Nigerians Banking Sector: Opportunities, Challenges and the way Forward.’

He explained that ‘bitcoin’ included what is being called block chain technology based products in the market, noting that a lot of Nigerians had already started patronising bitcoin.

Mr Ibrahim also said some leading central banks in Europe and the United States had adopted their own versions of bitcoins.

“Some of the central banks have also adopted it and are seriously doing everything possible to bring in the emergence of this invisible products.

“The owners do not need any central bank; they do not need any physical bank.

“If you are a subscriber, you only know yourselves and they give you a bit of the bitcoin and in some countries you can convert it to cash.

“You can make payments with it because it has been recognised and one of the famous ex-chief executive of Barclays PLC, Antony Jenkins, have joined the group’s board of directors,” he said.

http://www.businesspost.ng/2016/12/18/cbn-ndic-may-consider-digital-currency-bitcoin/

This malo in high position dont know the meaning of bitcoin what a shame

They can only probe it, but can not do anything about it. It's not within their powers

As you probe mmm


Stupid govement

This has got the attention of the Federal Government, which has promised to look into the programme so as to advice citizens.

It also said the system may be adopted in the country if investigations give it a go-ahead.

This is the one thing the government cannot and will never control..not just possible.it's a cryptocurrency , not an investment scheme.

nobody needs their approval to use bitcoin, not even the U.S.federal reserves.Fvcking failed government

They av started again

story for the gods

The unholy solemnization between MMM and Bitcoin may spell doom for BitCoin's operation in Nigeria...BitCoin's Operators shouldn't have distanced itself from MMM.

This people never learn? After wetin MMM do them.

lol


DOARRIVAL


bitcoin is not MMM

its a cryptocurrency and not an investment scheme



the way it works the govt cant do anything about it


if they lack work they shud probe lawal the multi million grass cutter

I am very sure the Op is as ignorant as CBN

What is bitcoin?? MMM in disguise?

Contact me if you want to buy bitcoin

Bitcoin is becoming a very valuable global cryptocurrency.

Digital currency has its problem. One day what happened to liberty reserve will equally happen to it. The game there's, don't save your hard earned money on a digital account, because it can freeze without prior notice.

Our Nigerian institutions are toothless bull dogs...

If the USA makes such a claim... Then be sure of a total extinction... The way Liberty Reserve went

waiting

Confused Government

We are waiting

Buhari government sabi do Ajayi work ehn.
Like they actually care about the masses. mmmmttcheeew

this thing Is getting out of hands ooo, its now clear that govt just don't want people to survive in this rubbish they brought to d land. clueless set of pple. thunder fire all of u. go ahead and probe everything, just wait for us wen we show u our other side. ko ni da fun yin. oloriburuku set of pple

Even USA can't do anything about Bitcoin talkless of Nigeria of all country.

Lol. Jokers.

Wot a hell...Fucking funny..

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I think it's a good move. Bitcoin is the trending cryptocurrency in the world today and there's been so much said about it.
I like the fact that they're also willing to key into it after thorough investigation. It's gonna go a long way in converting cash to a global currency, those are things that can help end the troubles like Forex scarcity etc. . . and the fact that government has so many resources at its disposal means they are in the best position to advice citizens on what to do. . .

Too bad some people didn't read the report before commenting.

I don't think the government can influence this one. Bitcoin is more like a commodity, you buy at a price and sell at another price for profits. Much unlike them ponzi schemes where you give someone money and expect other help seekers to pay you more than you gave...




Runs outta thread

New schemes coming up everyday. Nawao.