Fears as SEC warns Nigerians against investing in Bitcoin, Swisscoin and Onecoin.
The Federal Government of Nigeria,throughthe Security and Exchange Commission of Nigeria has warned that Nigerian should be mindful of investing their money on Bitcoin and other Cryptocurrencies.
This warning is coming as a result of the awareness by the government that MMM has adopted a new policy of settling their investors with Bitcoin when they return.
On this note, the Federal Government had to announce the warning to all Nigerian.
According to the announcement, The Security and Exchange Commission of Nigeria, said:
“The consideration of the Securities and Exchange Commission, (the Commission) has been attracted to radio notices and different methods of requesting of people in general to put resources into cryptocurrencies, for example, Swisscoin, OneCoin, Bitcoin and such other virtual or advanced monetary forms.
“The general population is therefore encouraged to practice extraordinary alert with respect to computerized (crypto monetary forms) as a vehicle of ventures.
“This notice is in consonance with comparative notices issued by capital market controllers and Central Banks over the world in the course of recent years.
“The Commission, wishes to caution people in general that none of the people, organizations or substances advancing cryptocurrencies has been perceived or approved by it or by other administrative offices in Nigeria to get stores from the general population or to give any venture or other money related administrations in or from Nigeria.
“The general population ought to likewise know that any venture openings advanced by these people, organizations or elements are probably going to be of a hazardous sort with a high danger of loss of cash, while others might be out and out fake fraudulent business models.
“Given that these instruments and the people, organizations or substances that advance them have nor been approved, nor any rules/directions created for them by any of the administrative experts in Nigeria, there is no insurance accessible to clients or speculators in these virtual monetary standards from money related misfortunes if the virtual monetary standards fizzle or the organizations advancing them leave business.
“The general population and purchasers of money related administrations are further prompted that before making any speculation or going into any budgetary administrations exchange they ought to discover that the element with whom the venture or exchange is being made is approved by the Commission or other monetary administrations administrative expert as relevant to give such administrations.