Business

MMM, others not authorized to participate in bitcoin, digital currencies investments – SEC

Published

13 January 2017

5:26 PM

The popular Ponzi scheme, MMM Nigeria Friday, announced their long awaited resumption via their official twitter handle after one month suspension of the scheme by the organisers.

The scheme officially tweeted their resumption with a caption “this is to officially inform you that MMM Nigeria is open for business a day earlier than promised! Let’s go there Nigerians!”

However the scheme has introduced a new initiative of crypto currencies investment, using Bitcoin.

The Bitcoin is an international electronic currency. This is a new form of money created on the basis of the program code which is globally gaining acceptance in the financial world.

Bitcoin has become the world’s first decentralized means of payment. Money transfers are made on the peer-to-peer principle — without intermediaries between the sender and the recipient.

However the Securities and Exchange Commission, has issued a warning to Nigerians to disregards any agency or individual promoting crypto currencies investment in the country.

“The public is hereby advised to exercise extreme caution with regard to digital (crypto currencies) as a vehicle of investments.”SEC said in a statement that the warning is in consonance with similar warnings issued by capital market regulators and Central Banks across the world over the past few years.

“The Commission, wishes to alert the public that none of the persons, companies or entities promoting crypto currencies has been recognized or authorized by it or by other regulatory agencies in Nigeria to receive deposits from the public or to provide any investment or other financial services in or from Nigeria.

The public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be of a risky nature with a high risk of loss of money, whilst others may be outright fraudulent pyramid schemes.”