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NDIC Warned Nigerians against investing in Bitcoin

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  • NDIC Warned Nigerians against investing in Bitcoin

    In a recent announcement, the Nigeria Deposit Insurance Corporation, NDIC once again issued a warning to Nigerians.
    They warned not to invest money in any cryptocurrencies like Bitcoin.

    It is important to note that the Central Bank and the anti-graft EFCC also warned earlier.
    In a report, the NDIC Controller at Enugu Zonal Office, stated:

    I wish to draw attention to emergence of the various Ponzi schemes, popularly called Mavrodi Mundial Movement (MMM) and other forms of digital and block-chain currencies.
    Its sad how a few agencies remain worried regarding the use of Bitcoin..

  • #2
    This is definitely very sad to hear, but I don’t think it really matters much. I don’t see it having any bearing on BTC. Although, it is fair to say that we might see the growth being limited because of it but it is unlikely that we will see any decrease. I feel bad when people include into stuff like Ponzi Schemes because I obviously don’t think it is the case and really make investors confused with things which is so wrong.

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    • #3
      Yeah, I agree. Ponzi schemes are the worst, and bring attention of many regulators...

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      • #4
        Now, I am really tired of these warning and all that, as we all know this works for no one and there is really not much to be taken seriously about this. I don’t think it created any impact on Bitcoin either.

        However, I do feel it is unfortunate that people try to warn and does all that sort of rubbish stuff, but they can’t care to figure out way or create something through which one can use it properly.
        Last edited by Alexander Bukarev; 04-12-2017, 12:27 AM.

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        • #5
          This is cause for concern for sure. But Nigeria is infamous for all the scams and some people might have used Bitcoin as a scamming weapon which saw the authorities see red and banning Bitcoin. Their concerns are understandable though! But when you consider that it is the intention of the users and not the Bitcoin itself then this move looks quite stretched. Bitcoin is a new phenomenon and there would be concerns naturally as it is not issued or controlled by any legal authority.

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          • #6
            Bitcoin is a big scam as it is not issued by any legal authority and manufactured by computer. So I see nothing wrong in authorities clamping down on it.

            This business model can also be adopted by anyone and anyone can make their own currency and flood the world with their currency! Economies of the world would go for a spin and collapse completely! Bitcoin must be banned all over the world as it is helping the criminals more than the genuine users.

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            • #7
              Well when the authorities get involved it gets messy. The genuine users of Bitcoins would be harassed and clubbed with rogue users who use it for all sorts of criminal activities. So the authorities might be forced to shut down the Bitcoin usage completely or put in place severe restrictions as a regulatory measure. I do not know what the current situation of Bitcoin in Nigeria is but hope they would put in place some sort of restrictions rather than fully banned!

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              • #8
                I wonder where these people are now with BTC running very high and all the warning against investing it has just disappeared. However, it is obvious that investing in BTC can be very risky but still the potential is very high and that’s the thing which makes it such a good option to invest in.

                But, as I said these things is what we need to be extremely on the mark with and make sure we work it out to gain from.

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