Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,695,984 members, 6,355,360 topics. Date: Friday, 25 June 2021 at 06:10 AM

CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme - Investment - Nairaland

Nairaland Forum / Nairaland / General / Investment / CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme (25415 Views)

Ndic -three Million Nigerians Lost N18bn To Mmm / We Can Only Pray For MMM Victims – NDIC / Cbn, Ndic Set To Investigate Bitcoin (2) (3) (4)

(1) (2) (3) (4) (5) (6) (Reply) (Go Down)

CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by dipoolowoo: 5:06pm On Dec 18, 2016
By Modupe Gbadeyanka

For a while now, promoters of a digital currency, Bitcoin, have been urging Nigerians to key into the system just like the controversial MMM Ponzi scheme.

This has got the attention of the Federal Government, which has promised to look into the programme so as to advice citizens.

It also said the system may be adopted in the country if investigations give it a go-ahead.

At the 2016 Workshop for Financial Correspondents on Friday in Kaduna, Managing Director of Nigeria Deposit Insurance Commission (NDIC), Mr Umaru Ibrahim, disclosed that his commission and the Central Bank of Nigeria (CBN) have set up a committee to look into the trending ‘bitcoin’ scheme.

“On our part, we have constituted a committee together with the central bank to have an in debt study of this phenomenal bitcoin.

“We will look at its advantages and disadvantages, what it means for the payment system and what it means for safety and security of customers.

“We will also look at what it means for money laundering, anti-corruption, crime and measurement of money /near money instrument for the economy.

“But we need a lot of education to do this and I’m calling on you (media) to educate yourselves about all of this so you can educate the public,” Mr Ibrahim said at the event themed ‘Economic Recession and the Nigerians Banking Sector: Opportunities, Challenges and the way Forward.’

He explained that ‘bitcoin’ included what is being called block chain technology based products in the market, noting that a lot of Nigerians had already started patronising bitcoin.

Mr Ibrahim also said some leading central banks in Europe and the United States had adopted their own versions of bitcoins.

“Some of the central banks have also adopted it and are seriously doing everything possible to bring in the emergence of this invisible products.

“The owners do not need any central bank; they do not need any physical bank.

“If you are a subscriber, you only know yourselves and they give you a bit of the bitcoin and in some countries you can convert it to cash.

“You can make payments with it because it has been recognised and one of the famous ex-chief executive of Barclays PLC, Antony Jenkins, have joined the group’s board of directors,” he said.

http://www.businesspost.ng/2016/12/18/cbn-ndic-may-consider-digital-currency-bitcoin/

2 Likes 2 Shares

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by malakus(m): 5:15pm On Dec 18, 2016
shocked

3 Likes 1 Share

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by Omexonomy: 5:17pm On Dec 18, 2016
This malo in high position dont know the meaning of bitcoin what a shame

58 Likes 1 Share

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by XXLDICK(m): 5:26pm On Dec 18, 2016
They can only probe it, but can not do anything about it. It's not within their powers

62 Likes 1 Share

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by favourmic(m): 5:26pm On Dec 18, 2016
As you probe mmm


Stupid govement

40 Likes 1 Share

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by d33types: 5:26pm On Dec 18, 2016
This has got the attention of the Federal Government, which has promised to look into the programme so as to advice citizens.

It also said the system may be adopted in the country if investigations give it a go-ahead.

This is the one thing the government cannot and will never control..not just possible.it's a cryptocurrency , not an investment scheme.

nobody needs their approval to use bitcoin, not even the U.S.federal reserves.Fvcking failed government

48 Likes 2 Shares

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by BrutalJab: 5:26pm On Dec 18, 2016
Awon werey!




Looking for a way to make the poor poorer so that #500 can be shared during elections to buy away their future.



I just dey shake my head for all this jobless graduates that thinks the government is helping them.

52 Likes 2 Shares

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by NigerDeltan(m): 5:27pm On Dec 18, 2016
They av started again

5 Likes

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by myjobsfinder(m): 5:27pm On Dec 18, 2016
smiley story for the gods
Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by Carrottop(m): 5:27pm On Dec 18, 2016
The unholy solemnization between MMM and Bitcoin may spell doom for BitCoin's operation in Nigeria...BitCoin's Operators shouldn't have distanced itself from MMM.

1 Like 1 Share

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by omolola15(m): 5:28pm On Dec 18, 2016
This people never learn? After wetin MMM do them.

13 Likes 2 Shares

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by rozayx5(m): 5:28pm On Dec 18, 2016
lol


DOARRIVAL


bitcoin is not MMM

its a cryptocurrency and not an investment scheme



the way it works the govt cant do anything about it


if they lack work they shud probe lawal the multi million grass cutter undecided

22 Likes

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by lakesider(m): 5:29pm On Dec 18, 2016
I am very sure the Op is as ignorant as CBN

5 Likes 2 Shares

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by djakinwande(m): 5:29pm On Dec 18, 2016
What is bitcoin?? MMM in disguise? undecided

1 Like

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by lielbree: 5:29pm On Dec 18, 2016
Contact me if you want to buy bitcoin
Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by JeffreyJamez(m): 5:29pm On Dec 18, 2016
Bitcoin is becoming a very valuable global cryptocurrency.

3 Likes

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by Diplomaticbeing(m): 5:29pm On Dec 18, 2016
Digital currency has its problem. One day what happened to liberty reserve will equally happen to it. The game there's, don't save your hard earned money on a digital account, because it can freeze without prior notice.

18 Likes 3 Shares

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by eezeribe(m): 5:30pm On Dec 18, 2016
Our Nigerian institutions are toothless bull dogs...

If the USA makes such a claim... Then be sure of a total extinction... The way Liberty Reserve went
Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by Ayanko(m): 5:30pm On Dec 18, 2016
waiting
Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by AleAirHub(m): 5:30pm On Dec 18, 2016
Confused Government undecided

We are waiting angry angry angry
Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by ENIGMA11(m): 5:30pm On Dec 18, 2016
Buhari government sabi do Ajayi work ehn.
Like they actually care about the masses. mmmmttcheeew

1 Like 2 Shares

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by Lincoln275(m): 5:30pm On Dec 18, 2016
this thing Is getting out of hands ooo, its now clear that govt just don't want people to survive in this rubbish they brought to d land. clueless set of pple. thunder fire all of u. go ahead and probe everything, just wait for us wen we show u our other side. ko ni da fun yin. oloriburuku set of pple

6 Likes 2 Shares

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by lifestyle1(m): 5:31pm On Dec 18, 2016
Even USA can't do anything about Bitcoin talkless of Nigeria of all country.

7 Likes 1 Share

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by hedonistic: 5:31pm On Dec 18, 2016
Lol. Jokers.

1 Like

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by Everest25(m): 5:31pm On Dec 18, 2016
Wot a hell...Fucking funny..
Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by bayonle1(m): 5:31pm On Dec 18, 2016
Send me an email at Fbjatom50@gmail.com for a complete guide on bitcoin investment that gives 150 percent per month. Tested and proven. Or add 08067002793 on whatsapp. It is free of charge. Let's be Financially free together.
Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by Splinz(m): 5:31pm On Dec 18, 2016
Cryptocurrency is the future. Bitcoin has come to stay.

1 Like 1 Share

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by Nobody: 5:31pm On Dec 18, 2016
I think it's a good move. Bitcoin is the trending cryptocurrency in the world today and there's been so much said about it.
I like the fact that they're also willing to key into it after thorough investigation. It's gonna go a long way in converting cash to a global currency, those are things that can help end the troubles like Forex scarcity etc. . . and the fact that government has so many resources at its disposal means they are in the best position to advice citizens on what to do. . .

Too bad some people didn't read the report before commenting. smiley

11 Likes

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by Chipappii(m): 5:32pm On Dec 18, 2016
I don't think the government can influence this one. Bitcoin is more like a commodity, you buy at a price and sell at another price for profits. Much unlike them ponzi schemes where you give someone money and expect other help seekers to pay you more than you gave...




Runs outta thread grin

2 Likes 1 Share

Re: CBN, NDIC To Probe Digital Currency, ‘bitcoin’, Scheme by fratermathy(m): 5:32pm On Dec 18, 2016
New schemes coming up everyday. Nawao.

1 Like

(1) (2) (3) (4) (5) (6) (Reply)

Buying US Stocks From Nigeria / HOW To REGISTER A HOLDING COMPANY In NIGERIA / Zinox Acquires Konga In Landmark Industry Deal

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 82
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.