THELOGICALINDIAN - Nigerias Economic and Financial Crimes Commission EFCC has become the latest anatomy to acquaint of risks associated with cryptocurrency investments In a accessible admonishing the law administration bureau argues that advance in cryptos is a highrisk action as the area is abundantly able and decumbent to fraud
Proliferation of Scams
According to a report that quotes Wilson Uwujaren, the EFCC spokesperson, the law administration bureau is abashed by “the amount at which Nigerians beatific them petitions on counterfeit investments.” Meanwhile, the agent additionally bemoans the actuality crypto scams abide to breed “despite administration and accessible broad-mindedness interventions by the agency and added stakeholders.”
However, Uwujaren still urges the Nigerian advance accessible to be added accurate back authoritative advance decisions. He said:
The Regulatory Pushback
Meanwhile, with this warning, the EFCC joins the Central Bank of Nigeria (CBN) in about black Nigerians from ambidextrous or trading in cryptocurrencies. In his admonishing beforehand in the year, Godwin Emefiele, the CBN governor went as far as to accompaniment that cryptocurrencies accept no abode in Nigeria’s budgetary system. He additionally said crypto affairs should “not be agitated out through the Nigerian cyberbanking system.”
Similarly, some associates of Nigeria’s State State accept attacked the use of cryptocurrencies in the country. One Senator, Sani Musa claimed that “bitcoin has fabricated our bill about abortive or valueless.”
However, admitting the accretion warnings and adverse comments by authoritative bodies, cryptocurrency use continues to abound in Nigeria. For instance, Bitcoin.com News reported afresh that Nigeria’s peer-to-peer bitcoin traded volumes had added in Q1 of 2021. The volumes access occurred admitting a February 6 CBN charge that cut off cryptocurrency traders from the country’s cyberbanking system.
It charcoal to be apparent if the EFCC’s admonishing is activity to change the public’s appearance of cryptocurrencies.
What do you anticipate of the EFCC’s admonishing about cryptocurrency investing? Tell us what you anticipate in the comments area below?
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