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Stay away from Bitcoin, Swisscoin, others, govt warns Nigerians
Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has warned Nigerians against investing in digital currencies, otherwise known as crypto currencies.
In a circular issued at the weekend, SEC stated that crypto currencies such as Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies and their promoters have no legal standing in Nigeria to provide comfort for any investor.
The Commission stated that none of the persons, companies or entities promoting crypto currencies has been recognised or authorised by it or by other regulatory agencies in Nigeria to receive deposits from the public or to provide any investment or other financial services in or from Nigeria.
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According to the Commission, the public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be of a risky nature with a high risk of loss of money, whilst others may be outright fraudulent pyramid schemes.
“Given that these instruments and the persons, companies or entities that promote them have neither been authorised, nor any guidelines and regulations developed for them by any of the regulatory authorities in Nigeria, there is no protection available to users or investors in these virtual currencies from financial losses if the virtual currencies fail or the companies promoting them go out of business,” SEC stated.
The Commission urged the public and consumers of financial services to ascertain that the entity with whom the investment or transaction is being made is authorised by the Commission or other financial services regulatory authority as applicable to provide such services before making any financial commitment.
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JOHNSON PETER
January 14, 2017 at 7:24 am
It’s a lie, bitcoin is legal ,even Donald Trump, American President supports it. So no one should fear.
seyi jelili
January 14, 2017 at 7:53 am
Someone like you speak like imbecile, that Donald Trump supports it does not translates to president buhari supports it, until you fall a victim, you might not learn a lesson.
chichi emerue
January 14, 2017 at 8:14 am
So Johnson Peter is an imbecile and you a nincompoop
yanju omotodun
January 14, 2017 at 7:43 am
I have to withdraw my money sharply as SEC has warned that bitcoin is illegal. I won’t want to enter one chance again.
Joy Madu
January 14, 2017 at 8:06 am
Why you dey fear. Bitcoin is legal ,so I see no reason why Sec is creating unnecessary fear, what has SEC done to make masses invest and have good profit in return , except for the rich, wise up
Animashaun Ayodeji
January 14, 2017 at 9:19 am
How can the government say Bitcoin, swisscoin are illegal? This is funny, Buhari himself that is the head of Nigeria needs to start involving himself in crypto currencies so as to generate more revenue for Nigeria
Johnson Amadi
January 14, 2017 at 9:22 am
Seriously, what Buhari needs is crypto currencies, not world bank. Instead of running to world bank for loan, Mr President can make cool cash from Bitcoin and others, and the money will be invested to revive Nigeria’s dying economy
Roland Uchendu Pele
January 14, 2017 at 9:54 am
I thought I was the only person that saw that. Illegal is a word highly abused by this government. They seem not to understand the meaning of words any longer.