With Bitcoin’s capitalization of $268 billion, not that revolution of the cryptocurrency market has changed the narrative of investment globally, as it successfully displaced Coca-Cola with a capitalisation of $195 billion and Boeing’s $175 billion.
From all indications, the emergence of cryptocurrency in the financial market has continued to post a threat to the conventional legal tenders as being used and controlled by the central banks of many nations.
While many countries have approved the innovation by creating their own cryptocurrencies, some countries and individuals still perceive the new dispensation as a fraud and a threat to their national economies.
Only last week, the government of India, among others, warned its nationals against patronising crytocurrencies which it described as Ponzi schemes.
Banks also must ensure that their digital currency exchange customers have effective AML/CFT controls to allow them to comply with customer identification, verification and transaction monitoring requirements. If in doubt, the relationship with those exchanges and customers should be discontinued immediately”.
Specifically naming Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin and similar products, the bank reiterated that they were not legal tender in Nigeria but you can trade on them at your risk.....
Same day, the Nigerian Securities and Exchange Commission (SEC) made its own announcement regarding digital currencies. The SEC warned the public against investing in them.
“The public is hereby advised to exercise extreme caution with regard to digital (cryptocurrencies) as a vehicle of investments,” the SEC announced.
The situation is reminiscent of the alert issued by the Nigerian authorities at the peak of the MMM Ponzi scheme, in 2016, warning the people against investing in it. Many ignored the warning, causing several to lose millions when the scheme suddenly crashed around Christmas period.
Many of those who had lost a fortune in the wake of the crash resorted to suicide. because they are unwise it your own risk.......
Investopedia describes cryptocurrency as a digital or virtual currency that uses cryptography for security, adding that it’s difficult to counterfeit because of the security feature.
It said: “A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.”
but if you are good in trading you can make a lot just like me
it is time we put back our tie on and trade.......
