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Nigeria warns against crypto trading

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The Nigerian Economic and Financial Crimes Commission (EFCC) became the latest institution to issue a stern warning against unregulated cryptocurrency investments.

The law enforcement agency argued that decisions to invest in crypto are a high-risk activity as the market is mostly unregulated and prone to fraud activities such as scams. In a report cited by news.bitcoin.com, Wilson Uwujaren, the EFCC spokesperson, said that “the law enforcement agency is alarmed by the rate at which Nigerians sent them petitions on fraudulent investments.”

Moreover, the spokesperson said that they lament the fact that crypto scams continue to proliferate despite the interventions by the commission and other stakeholders.

A caution for investment decisions

The Nigerian investing public is advised to be very careful when making investment decisions.

Uwujaren said, while the EFCC will continue to investigate and prosecute persons complicit in fraudulent investment schemes, “it is incumbent on the investing public to be circumspect in their investment decisions.”

With this, the EFCC joins the Central Bank of Nigeria in a drive to discourage its people from dealing or trading in cryptocurrencies publicly. Earlier this year, bank governor Godwin Emefiele went to great lengths in this regard, saying that cryptocurrencies have no place in Nigeria’s monetary system.

A long and bumpy road for crypto in Nigeria

Some officials in Nigeria have also expressed negative comments regarding the use of cryptocurrencies in the country. For instance, Senator Sani Musa said that “Bitcoin has made our currency almost useless or valueless.”

But despite all of these, the use of digital currencies grows in the country. In fact, in the first quarter of 2021, the peer-to-peer Bitcoin (BTC) traded volumes have increased.

This happened even when a central bank directive cutting off cryptocurrency traders from Nigeria’s banking system was released on February 6, 2021.

 

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/blockchain/nigeria-warns-against-crypto-trading/

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