Senator Ben Uwajumogu from Imo State sponsored a motion on the floor of the Senate on the dangers of Bitcoin. In his lead debate, he recounted the rising proliferation of bitcoin as one of the best form of investments for the general public to explore. in his words,
"Nigerians are freely advised, and even persuaded to invest in this crypto-currency, as it promises quick returns, in certain instances, a triple or quadruple of the invested sum as profit within days. “Google, quoted one Bit-coin to be equivalent to N5, 706, 713.20,” he said.
He stated that JP Morgan reportedly noted that the digital currency(bit-coin) is only good for drug dealers and would eventually blow up.
The senate resolved to:'
Urge the stakeholders to educate the public on the dangers lucking through investment in Bitcoin as a store value in Nigeria.
Urged National Orientation agency (NOA) to spread the news against all forms of wonder banks and Ponzi schemes operating in Nigeria.
The committee on Banking and Financial Institutions was urged to investigate the viability of Bit-Coin as investment and report back to the upper chamber in two weeks.
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