Senate discredits Bitcoin; says it’s an unsafe investment with no source
The senate at plenary today condemned the proliferation of Bitcoin, a form of crypto currency calling it an unsafe investment and promise to come up with a standard to guide Nigerians in any form of investment.
Senator Benjamin Uwajumogu, who moved the motion titled the ‘Urgent need to investigate the proliferation of Bit-coin, a form of Crypto-currency to ascertain the worthiness of dame as a form of investment in Nigeria’ said it was alarming the proliferation rate of bitcoin as an investment form in Nigeria.
He said it was unfortunate that the cryptocurrency was being marketed openly across the country on local televisions and radio stations mostly to Nigerians not aware of the consequences.
Most of the senators who were in agreement with the motion said it was necessary to provide Nigerians with proper information so that those going into such investment will know the risks involved.
“The Senate needs to advice Nigerians and come up with something standard to guide Nigerians into any form of investment. This is not nice and its unethical for all Nigerians,” said Senator Isah Misau.
Accordingly, the senate resolved to urge the Central Bank of Nigeria, the Nigerian Deposit Insurance Corporation and the Nigerian Stock Exchange to make an unequivocal statement across all the news platforms in all dialects on the dangers of Bit-coin as a store value in Nigeria; and called on the National Orientation Agency to spread the news against all forms of wonder banks and Ponzi schemes operating in Nigeria.
In his submission Deputy Senate President Ike Ekweremadu said; “It is educative and people are listening to it, I want to say thank you for bringing this motion up in order to safeguard Nigerians from unsafe investment that has no source.”