Senate tasks CBN, NDIC, NSE to embark on campaign against investment in bitcoin

The Senate on Tuesday asked the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation and the Nigerian Stock Exchange to begin campaign against investment in Bitcoin by Nigerians.

The decision followed a motion sponsored by Senator Benjamin Uwajumogu, who requested for immediate action against continuous investment in Bitcoin.

In his lead debate on the motion, Uwajumogu expressed displeasure with the alarming rate at which Bitcoin, a form of digital currency, is being proliferated in Nigeria as one of the best forms of investment.

He added that the crypto-currency is openly marketed across the country on the local television and radio stations, mostly to Nigerians not aware of the consequences.

He further stated that Bitcoin is not recognized by the CBN, does not exist in any tangible form and is also not subject to any international or local monetary regulations or backed by any established government institution for that matter.

Uwajumogu said: “Aware that JP Morgan, the world-renowned investment bank, in a conference held in New York City USA, and as reported in the US guardian, noted that ‘the digital currency (bitcoin) was only fit for drug dealers and would eventually blow up.’

“The MMM bubble of 2016 left millions of Nigerian families broken, devastated and many businessmen lost all their capital in the phony scheme.