Senate Set To Probe Bitcoin In Nigeria After CBN Declined Support For The Cryptocurrency Trading

The last couple of years has seen the meteoric rise of cryptocurrency with more and more people beginning to invest in the volatile commodity, Nigeria has been no different.

In the entirety of Africa, trading in bitcoin has grown the most in Nigeria and this has caused the Senate to take notice.

They are now set to probe the cryptocurrency with the aim to examine whether investments in it are viable.

According to Deputy Senate President, Ike Ekwerenadu, the Senate Committee on Banking and Other Financial Institutions will “investigate the viability of bitcoin as a form of investment, come up with recommendations on how to control its uses and trade,”

He said this while presiding over Tuesday’s session in Abuja.

Senators are worried about the huge rise in bitcoin trading in Nigeria especially in the light of the recent MMM snafu which promised quick returns and at the end of the day left many Nigerians high and dry.

Meanwhile, Central Bank of Nigeria’s head honcho Godwin Emefiele earlier likened the trade in bitcoin to gambling, saying in an interview “We cannot as a central bank give support to situations where people risk savings to gamble,”

The Senate committee is expected to make recommendations within two weeks, after which the life and legality of bitcoin in Nigeria will come under scrutiny.

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Posted: at 31-01-2018 07:30 PM (6 years ago) | Addicted Hero

The beauty of Bitcoin is that it cannot be regulated or controlled by any government so I wonder what the senate is talking about. Investing in bitcoin is risky just like investing in gold or any other commodity for that matter. If u are risk averse then bitcoin isn’t for u, but if u don’t mind taking risks then plunge in. As a matter of fact the CEO of JPMorgan has admitted he was wrong to call bitcoin a fraud and wish he had traded in it much earlier.

Posted: at 31-01-2018 08:05 PM (6 years ago) | Gistmaniac

Til then they can never produce stability for naija people am sorry black race

Posted: at 31-01-2018 10:13 PM (6 years ago) | Gistmaniac

Nigerians like playing with financial fires.....remember the warning,...fire will burn you.
"They are crypto but they are not currencies,".

They are not assets really  … There is no intrinsic value for something like bitcoin so it's not really an asset one can analyze. It's just essentially speculative or gambling.

Posted: at 31-01-2018 11:10 PM (6 years ago) | Hero

I dreamt that this bitcoin is fake and many who are into it wept bitterly. My dream is very accurate. Just witdraw your money now or take the risk.

Posted: at 1-02-2018 02:05 PM (6 years ago) | Upcoming