Tag Archives: Bitcoin

Stay away from bitcoin. It isn’t legal tender – CBN warns Nigerians

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The Central Bank of Nigeria (CBN) has warned Nigerians against the use of virtual currencies, including bitcoin, ripples, litecoin.

 

In a statement on Tuesday, CBN said virtual currencies are largely used in terrorism financing and money laundering, considering the anonymity of virtual transactions.

 

“The attention of bank and other financial institutions is hereby drawn to the above risks and you are required to take the following actions actions pending substantive regulation or decision by the CBN,” the statement read.

 

“Ensure that you do not use, hold, trade and/or transact in any way in virtual currencies. Ensure that existing customers that are virtual currency exchangers have effective capital AML/CFT controls that enable them to comply with customer identification, verification and transfer, monitoring requirements.

 

“Where banks or other financial institutions are not satisfied with the controls put in place by the virtual currency exchanger/customers, the relationship should be discontinued immediately.

 

“Any suspicious transactions by these customers should immediately be reported to the Nigerian Finance Intellignece Unit (NFIU).”

 

The apex bank said anyone trading in bitcoin is doing so at his or her own risk.

 

“The CBN reiterates that VCs such as bitcoin, ripples, monero, litecoin, dogecion, onecoin, etc., and similar products are not legal tenders in Nigeria.

 

“Thus, any bank or institution that transacts in such businesses does so at its own risk.”

 

Bitcoin was the best performing currency of the year 2016. It has appreciated from four cents in 2010 to over $1,000 in 2017.

 

On January 8, when MMM Nigeria announced its planned comeback, it introduced bitcoin as a mode of payment.

 

Prior to the freeze of MMM, participants were allowed to provide help in bitcoin, but they were paid back in naira. However, the new plan allows participants to receive payment in bitcoin, and watch their monies grow in bitcoin.

 

“Due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system,” MMM said.

 

“So far, we have only had Mavro-Naira in the System. Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Nigerian Naira at the exchange rate at the moment of providing help, and you were credited with Mavro-Naira in your PO.

 

“It was the naira amount that grew. In other words you received 30% a month specifically in the naira (not in Bitcoins, although you originally provided help using Bitcoins). Now, you have a chance to have 30% growth of the Bitcoin amount, not the naira amount.

 

“So, acquire MAVRO-BTC which will be credited in your PO and will grow at a 30% monthly growth rate. In a month not only 30% will be added to your initial amount, but it can increase itself due to Bitcoin price growth.”

 

Source: The Cable

LATEST UPDATE: MMM participants to receive payment in Bitcoin

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Bitcoin, the popular cryptocurrency is to be introduced by MMM Nigeria as part of its mode of payment when it re-opens next week.

The Ponzi-scheme promoters last week issued instructions to its participants whose accounts were frozen, to perform “Promo Tasks: A New Tool for MMM Community Development, The SUN reported.

In the MMM message, subscribers were told to perform tasks, both online and offline, to promote the scheme and drive “traffic and participation” by the time the restriction on the account is lifted.

“Being an MMM member implies not only opportunities, but also a responsibility for the state and development of the MMM Community”, the message said.

Prior to the freeze of MMM, participants were allowed to provide help in bitcoin, but they were paid back in naira.

According to The SUN, MMM new plan allows participants to receive payment in bitcoin, and watch their monies grow in bitcoin.

In a statement to participants, MMM said “due to the recent sharp price fluctuations of Bitcoin, MAVRO-BTC is being introduced in the system.

“So far, we have only had Mavro-Naira in the system. Even though you provided help via Bitcoin, your Bitcoins, anyway, were recalculated into the Naira at the exchange rate at the moment of providing help, and you were credited with Mavro-Naira in your PO.

“It was the naira amount that grew. In other words, you received 30 percent a month specifically in naira (not in Bitcoins, although you originally provided help using Bitcoins).

“Now, you have a chance to have 30 percent growth of the Bitcoin amount, not the naira amount. So, acquire MAVRO-BTC which will be credited in your PO and will grow at a 30 percent monthly growth rate.

“In a month not only 30 percent will be added to your initial amount, but, it can increase itself due to Bitcoin price growth.

“And, what if Bitcoin price is going to fall? In case Bitcoin price might go down, you will be able to return to naira at any time — instantly convert your MAVRO-BTC into Mavro-Naira (and vice versa, if Bitcoin price might increase again).

“This option is available in PO. You can convert both confirmed and unconfirmed Mavro.

“We hope that with implementing MAVRO-BTC, your participation in MMM will become more comfortable!”

BloomBerg: The worst performing currency of 2016 is not the Naira.

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Bitcoin, the increasingly popular cryptocurrency or digital currency, was the best performing currency in 2016.

If you were thinking the naira was the worst performing currency of that year, you are wrong on this one.

According to Bloomberg analysis, the worst performing currency for 2016 was the pound. Not the British pound, but the Egyptian pound, which depreciated by 58.84 percent.

The Nigerian naira, which fell by 36.68 percent, was the fourth worst performing currency of 2016 — just ahead of the Egyptian pound, Suriname dollar, and the Venezuelan Bolivar.

Bitcoin, according to the analysis, gained more than 100 percent as capital controls in places like China, and isolationist rumblings in the UK and US have fueled interest in alternate currencies.

At the opening of 2016, one bitcoin was less than $400, but at the end of 2016 a bitcoin was trading above $1000.

As regards currencies issued by governments and central banks, the Russian ruble was the performer of the year as oil prices rallied towards the end of the year, trailed by the Brazilian real.

Russian ruble appreciated by 21.31 percent, while the Brazilian currency gained 20.96 percent through the year.

The Zambian kwacha, the South African rand and Lesotho’s Loti were the best performers on the continent, appreciating by 11.96 percent, 11 percent and 11 percent respectively.

The currencies had played a major role in stock exchange of the countries, as the Brazilian stock had the best equity market in the world in 2016 while Nigeria’s came out the worst.