Senate warns Nigerians against investment in bitcoins

The Senate has warned Nigerians against investing in bitcoins and urged the Central Bank of Nigeria, Nigerian Stock Exchange and the Nigerian Deposit Insurance Corporation to launch awareness campaigns on the business.

Specifically, the upper chamber of the National Assembly resolved to urge the CBN, NDIC and the NSE “to make an unequivocal statement across all the news platforms in all dialects on the dangers of bitcoins as a store of value in Nigeria.”

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.”

Also, the Senate Committee on Banking, Insurance and Other Financial Institutions is to investigate the viability of bitcoin as a form of investment and come up with recommendations on how to control its use and trade in it.

The committee was mandated to report to the Senate within two weeks.