Nigerian Lawmakers Urged to Consider Regulating Crypto Industry After Proposal to Jail Ponzi Operators
Ihenyen, who heads the Stakeholders in Blockchain Technology Association of Nigeria , however, concedes that while the proposed bill does not expressly mention or refer to digital currencies, crypto Ponzi schemes are included in what the lawmakers call “prohibited schemes.” The bill prohibits Ponzi/Pyramid Schemes as well as other illegal investment schemes and prescribes a jail term of not less than 10 years for promoters of such schemes.
The tricky part with most so-called crypto Ponzi schemes, however—which I must point out—is that many of these so-called ‘crypto ponzis’ have nothing to do with crypto, except that crypto was used to collect the unsuspecting participants’ funds, just the same way these bad actors could have used fiat currencies.
there are a lot of companies like this in many countries, I think it will be useful
I’ve seen somewhere that Nigerians use stablecoins as tether to buy crypto.
Go to Google and type. What country is called zoo and watch your response. Come back and thank me later..
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I’m still waiting on my check $10,000,000 from their minister of finance.
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I don't think they understand what cryptocurrencies are at all. 1co1n
I have records for bitcoin if you have questions
why does all 'crypto news' fake? Nigeria is blocking all crypto.......... please stop miss information ...
I thought you would have noticed a hashtag trending for 24hrs now. BinanceStopScammingNigerians
Nigeria has already ordered all the bank account that is crypto related in the county to be closed. It's good to make a law against Ponzi schemes but cryptocurency isn't Ponzi. Cryptocurency can be regulated but ban isn't in anyone's interest. Nigeria has already launched CBDC
Well I'll say! We have binance with a trillionaire founder running around the world scamming people left and right!
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