Per an ongoing article on SiBAN, Samuel told the police officers that in spite of the fact that bitcoin was utilized as a methods for installment for the viral MMM plot, it anyway don’t legitimize the tag on bitcoin as a PONZI instrument.
“Naira was utilized in MMM as well. I likewise caused them to comprehend that bitcoin as of now fills in as a methods for tolerating installments from youthful Nigerian business people who render administration to remote organizations as venerating bitcoin is quicker and less expensive than other traditional strategies.” Retierated Samuel.
Cross-section of Police officers listening to Samuel’s presentation
The meetup is reportedly one of the special reachouts by Loveworld Church, University of Lagos to Police officers.
It can be recalled that the Central Bank of Nigeria issued a circular which warned Nigerians on Cryptocurrency investments and trading. The apex bank emphasized that Bitcoin and other cryptocurrencies are not legal tenders.
During the question and answer session, the officers were reportedly inquisitive on knowing how to identify the geninue use of bitcoin by young Nigerians.
“Money (bitcoin in this case) is neither good nor bad. People use fiat (Naira) for both evil and good. I can tell you I know a lot of Nigerians that offer genuine online services such as web design, photoshop and programming and get paid in bitcoin.” Joseph replied the officers.
Though there is no existing regulation for Cryptocurrency in the country, this in effect creates an urgent need for Cryptocurrency and Blockchain education to enable citizens different bitcoin from ponzi schemes that utilizes bitcoin as its Payment medium.