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Senate Asks CBN, NDIC, NSE to embark on campaign against investment in Bitcoin

Senate on Tuesday called on Central Bank of Nigeria (CBN) , the Nigeria Deposit Insurance Corporation  (NDIC ) and the Nigerian Stock Exchange(NSE) to embark media campaign against investment in Biticon. 

Senate decision was sequel to a motion sponsored by Senator Benjamin Uwajumogu. 

Leading debate on the motion, Senator Uwajumogu expressed dissatisfaction with the alarming rate at which Bit-coin, a form of digital currency is being proliferated in Nigeria as one of the best form 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 Bit-coin, is not recognized by the Central Bank, does not exist in any tangible form and is also not subject to any international or local monetary regulations, or backed up by any established government institution for that matter.

Uwajumogu recalled that the MMM bubble of 2016, left millions of Nigerian families broken, devastated and many business men lost all their capital in the phony scheme. 

He expressed dismay over failure of Federal Government to take a decisive stand against this investment scheme nor expended resources in orientating Nigerians on the dangers of Bit-coin as a store of value.

He also blamed  the Central Bank of Nigeria, Nigeria Stock Exchange, Nigeria Deposit Insurance Commission, National Orientation Agency for not doing enough to educate Nigerians on danger of Bit-coin as a store value. 

After extensive debate on the matter Senate mandated its committee on Banking and financial Institution to investigate the viability of Bit-coin as form of investment, come up with recommendations on how to control its uses/ trade , and report to the Senate within 2 weeks .

The Senate also called on the National Orientation Agency to spread the News against all forms of Wonder banks and Ponzi schemes operating in Nigeria.

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