Facebook Twitter LinkedIn RSS
    Trending
    • Data, analytics and AI vital to bridging the insurance protection gap in Africa
    • NIBSS’ report shows cashless transactions rose to N295 trillion in Nigeria
    • Owolabi Salis’ historic space mission hailed as catalyst for Nigerian scientific engagement by NASRDA
    • Nigeria’s telecom sector poised for massive growth, projected to exceed $17 billion by 2034
    • Why we recognize Dr. Krishnan as Tech Ecosystem Builder of the Year
    • NCC identifies top consumer pain points: poor service, data depletion and failed top-ups
    • Nigeria losing $15 billion annually to broadband gap, says expert
    • Anambra expands free solution WiFi access
    Facebook Twitter LinkedIn
    ITPulse.com.ngITPulse.com.ng
    • News
    • Interviews
    • Blogs
    • Analysis
    • Opinion
    • Videos
    • Press Releases
    • Pictures
    • Advertise
    ITPulse.com.ngITPulse.com.ng
    Home»News»Senate expresses concern over spread of Crypto-currency
    News 2 Mins Read

    Senate expresses concern over spread of Crypto-currency

    mmBy ITPulseJanuary 31, 2018
    Facebook Twitter WhatsApp Pinterest LinkedIn Reddit Tumblr Email
    Cryptocurrency, Nigerian Senate, CBN
    Share
    Facebook Twitter LinkedIn Pinterest Email

     

    The Nigerian Senate has expressed concerns over the widespread of usage of Crypto-currency in the form of Bitcoin in Nigeria, warning that Nigerians seem not to be aware of the consequences with the way it is openly marketed across the country on the local television and radio stations.

    In a motion, sponsored by Senator Benjamin Uwaiumogu (APC, Imo North), the upper legislative chamber expressed concern that Nigerians are freely advised, and even persuaded to invest in crypto-currency as it promises quick returns, in certain instances, a triple or quadruple of the invested sum as profit within days.

    Uwaiumogu noted that as it stand today, Bitcoin is not recognised by the Central Bank of Nigeria, it does not exist in any tangible form and is also not subject to any international or local monetary regulations, or backed up by any established government institutions for that matter.

    He also urged the Central Bank of Nigeria, Nigeria Stock Exchange, Nigeria Deposit Insurance Commission and the National Orientation Agency to be aggressive in educating Nigerians on the investment risks inherent in Bitcoin.

    Crypto-currency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

    CBN Cryptocurrency Nigerian Senate
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    mm
    ITPulse
    • Website
    • Facebook
    • Twitter
    • LinkedIn

    ITPulse is a wholly information technology communication (ICT) news website, with a special focus on the African continent. The website provides up-to-date biz-tech news, analysis and comprehensive and thorough insight into the continent's ICT terrain

    Related Posts

    NIBSS’ report shows cashless transactions rose to N295 trillion in Nigeria

    July 29, 2025

    Owolabi Salis’ historic space mission hailed as catalyst for Nigerian scientific engagement by NASRDA

    July 28, 2025

    Nigeria’s telecom sector poised for massive growth, projected to exceed $17 billion by 2034

    July 28, 2025

    Leave A Reply Cancel Reply

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    Latest Posts

    Data, analytics and AI vital to bridging the insurance protection gap in Africa

    July 29, 2025

    NIBSS’ report shows cashless transactions rose to N295 trillion in Nigeria

    July 29, 2025

    Owolabi Salis’ historic space mission hailed as catalyst for Nigerian scientific engagement by NASRDA

    July 28, 2025
    About
    About

    Itpulse.com.ng is a wholly information technology communication (ICT) news website, with special focus on the African continent. The website provides up-to-date biz-tech news, analysis and a comprehensive and thorough insight info the continent's ICT terrain.

    Contact us: editorial@itpulse.com.ng

    Facebook Twitter LinkedIn RSS
    Latest Posts

    Data, analytics and AI vital to bridging the insurance protection gap in Africa

    July 29, 2025

    NIBSS’ report shows cashless transactions rose to N295 trillion in Nigeria

    July 29, 2025

    Owolabi Salis’ historic space mission hailed as catalyst for Nigerian scientific engagement by NASRDA

    July 28, 2025
    Popular Posts

    Data, analytics and AI vital to bridging the insurance protection gap in Africa

    July 29, 2025

    NIBSS’ report shows cashless transactions rose to N295 trillion in Nigeria

    July 29, 2025

    Owolabi Salis’ historic space mission hailed as catalyst for Nigerian scientific engagement by NASRDA

    July 28, 2025
    © 2017 - 2025 Itpulse. Designed by Max Excellence.
    • Terms & Conditions
    • Privacy Policy
    • Advertise
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.